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Shamsey Oloko November 8, 2016 FATCA, FBAR, Foreign Earned Income, Foreign Tax Credit 0

Claiming The Foreign Tax Credit With Or Without Filing Form 1116

Form 1116 relates to foreign tax credits, which are intended to affect taxpayers living abroad. These credits benefit foreign taxpayers by reducing the double tax burden that arises when foreign source income is taxed by both the United States and the…

Shamsey Oloko September 27, 2016 FATCA, FBAR, Foreign Financial Account 0

A $10,000 Penalty May Await You If You Fail To File Form 5471 Or 5472

I.R.C. § 6038 requires U.S. taxpayers to file Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) with their tax returns. The reporting requirements of § 6038, as well as § 6046, require Form 5471 to…

Shamsey Oloko September 23, 2016 FATCA, FBAR, Foreign Financial Account, Foreign Tax Credit 0

A Primer on Foreign Tax Credit

U.S. taxpayers that have paid or accrued foreign taxes to a foreign country or U.S. possession, while subject to U.S. tax on the same income, may be able to take either a credit or an itemized deduction for these payments…