IRS Form 5472 – Who must file it?

Foreign-owned US disregarded entities now have an annual obligation to file Form 5472. The disregarded entity should file as if it were a standalone US Corporation, completing a pro-forma Form 1120. Of course, this is assuming the non-US owner otherwise has no US...

Working Abroad Can Yield Tax-Free Income

U.S. citizens and resident aliens tax based on their worldwide income. Whether the person lives inside, or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all/part of their...
PFIC and form 8621

PFIC and form 8621

The PFIC rules apply to US persons. I.e. individuals, corporations, estates and trusts who are US residents or US citizens. US citizens living overseas invest in foreign investment vehicles, as that’s where they live. With it may come a bad surprise. A punitive...