There are many occasions when you need a copy of your filed tax return, for example, when applying for a loan, or taking out a mortgage on a property. If the IRS make any inquiries you will also need this information to hand. If you cannot find the return in question, you can ask the IRS to send you a copy (or transcript) of the relevant information. Here’s how it works - 1) Transcripts … [Read more...]
Form 8865 – IRS Form for Foreign Partnership Ownership
If you are a US tax payer who owns 10% or more of a foreign flow through a Limited Liability Company (LLC) or a foreign partnership, you should file Form 8865 together with your Individual Income Tax Returns. Form 8865 will indicate the annual Balance Sheet and the Income and Expense Statements of the foreign partnership. This report will also show the details of the partnership including your … [Read more...]
Foreign Pension Plan Contributions – When are they Taxable under US Tax Laws
If you are a US Expatriate employed by a foreign employe you are allowed to make contributions to a foreign pension plan. These foreign pension plans usually have advantageous tax treatment under local tax laws. Regrettably, these foreign pension plans normally don’t meet the “qualification rules” of America. Consequently, the advantageous treatment under local laws are not made available to … [Read more...]
