International Tax

Under the Foreign Account Tax Compliance Act (FACTA), US taxpayers holding financial assets outside the US must report those assets to the IRS using Form 8938, Statement of Specified Foreign Assets, if you meet the following criteria: You are required to file Form 1040 and, For unmarried or married taxpayers filing separate returns who live…

If you live overseas, you will likely find yourself in a special tax situation and may need to file Form 2555, Foreign Earned Income. You may be eligible for an exclusion that allows you to exclude a certain amount of income from taxation ($107,600 in 2020 and $108,700 in 2021). Who qualifies for the foreign earned income exclusion?…

Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying wages and avoiding penalties or amended filings later.…

Although Mexico’s budget for 2019, which entered into effect as of January 1, 2019 does not include any new taxes, there are some changes that should be kept in mind during this fiscal year such as: Elimination of universal offset One of the most significant changes included in the 2019 tax reform is the elimination…

Global Intangible Low Tax Income Global Low Tax Intangible Income (GILTI) is a new tax regime under the Tax Cuts and Jobs Act (TCJA). Under this regime, United States Shareholders of Controlled Foreign Corporations (CFC) will potentially have an income inclusion based on the net earnings and profits of the CFC, less a few exceptions,…