U.S. Person For U.S. Tax Purposes (2018) – Foreign Income & Accounts

U.S. Person For U.S. Tax Purposes (2018) – Foreign Income & Accounts by Golding & Golding U.S. Person For U.S. Tax Purposes (2018)– Foreign Income & Accounts There is a common misconception involving when a foreign person is considered a U.S. Person for U.S. tax purposes. Specifically, how a non-US citizen is required to pay and report taxes and foreign accounts just as if they were US citizen. Here’s how the process works: U.S. Person is More than Citizenship Excluding any issues with a business having to report in the United States, when it comes to US taxes and individuals, the analysis is relatively straightforward. U.S. Citizen If a person is a U.S. Citizen, they are required to pay U.S. tax on their worldwide income, whether or not they reside in the United States. They are also required to file any necessary FATCA Form 8938 (Foreign Account Tax Compliance Act), FBARs (Report of Foreign Bank and Financial Account Forms), and various other…

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