Don’t Put All Your Foreign Tax Credits into One Basket: A Brief Overview of Foreign Tax Credit Rules

Ashley Erwin, CPA

Whether you’ve received earned income from foreign sources, or have investment portfolios with international assets, the foreign tax credit exists in order to prevent the burden of double taxation.  Many resident aliens of the U.S. could potentially benefit from the foreign tax credit, depending on their situation.  Additionally, because more funds are investing in global assets, many U.S. citizens have foreign tax paid or accrued included on their Forms 1099.    

Sailing Permit: What Aliens Need to Know about their Departure from the United States

Picture of a paper boatAshley Erwin, CPA

As you prepare to go back to your home country, your current year income tax return may cross your mind, but probably is not perceived as a priority for getting out of town. If returning permanently, you may be thinking that, at year-end or the beginning of the next year, you'll inform your CPA that you're no longer in the U.S. and you can move forward with your last U.S. income tax return.

Is It Time to Refinance?

Is it Time to RefinanceJulie Armstrong, CPA

You may have heard that home mortgage rates are currently at a thirty-year low, which makes it an excellent time to consider refinancing an existing mortgage.

Form-8938: Do You own Financial Accounts in a Foreign Country?

Form 8938Mary Ann Rosenberg, CPA

In a continuing effort to ensure reporting of worldwide income by U.S. taxpayers, the IRS has new reporting requirements for U.S. citizens and resident aliens with specified foreign financial assets.


Form W8Wade Wilson, CPA

A colleague recently posed the following situation: a client in the United States was hiring foreign contractors to perform services for the company from their home countries. He was paying them in U.S. dollars but sending the payments to the contractors in the foreign country. He was wondering what the tax reporting implications of such a transaction would be.