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Month: May 2021

PASSIVE FOREIGN INVESTMENT COMPANY (PFIC)

Passive Foreign Investment Company PFIC REPORTING Table of Contents: Introduction How are PFIC reported on your Tax Return? Whats new for PFIC after TCJA updates? Conclusion Introduction: What is PASSIVE FOREIGN INVESTMENT COMPANY (PFIC)? Passive Foreign Investment Company is a foreign corporation based abroad that invests and makes income from passive investments. Now,  the United …

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What is Foreign Account Tax Compliance Act (FATCA)?

WhAT IS Foreign Account Tax Compliance ACT (FATCA)? TABLE OF CONTENTS: Introduction How does FATCA affect US Citizens? Who must file Form 8938? What are the filing thresholds for Form 8938? What are specified Foreign Financial Assets? What are the penalties for Non-Compliance with Form 8938? Final Words  INTRODUCTION The Foreign account tax compliance act, also …

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What is Form W-8BEN ?

WhAT IS FORM W-8BEN? TABLE OF CONTENTS: What is Form W8-BEN? What is the purpose of Form W-8 Ben? Why should a Foreign Person even bother to fill this Form W8-BEN? What is the difference between Form W-8BEN and Form W-8BEN-E? How to complete Form W8-BEN? Conclusion What is Form W-8BEN? Form W8-Ben is a …

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What is Form 1040-NR ?

WHAT IS FORM 1040-NR ? Table of Contents : What is Form 1040-NR ? Who should file Form 1040-NR? Who is a Non-Resident Alien? What Income is taxable for a Non-resident in the US on Form 1040-NR? Where to file Form 1040-NR Conclusion Frequently Asked Questions. What is Form 1040-NR ? Non-resident Aliens or (NRA) …

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