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Passive Foreign Investment Company (PFIC)
Passive Foreign Investment Company (PFIC) A foreign entity/form of investment is a PFIC if it meets either the income or asset test described below. Income test. 75% or more of the corporation’s gross income for its taxable year is passive income (as defined in...
Maximizing Resources: A Guide to Utilizing US Tax Consultants.
Navigating the complex world of tax regulations can be a daunting task for many individuals and businesses. This is where US Tax Consultants come in, offering their expertise to help clients optimize their tax strategies and ensure compliance with ever-changing laws....
10º ANIVERSÁRIO DA KNOW2GROW
10º ANIVERSÁRIO DA KNOW2GROW 2024 marca o 10º Aniversário da Know2Grow. Tudo começou em 2014, quando Luciano Rodrigues desenvolveu um conceito de prestação de serviços de Contabilidade, com a acuidade e rigor indispensáveis neste setor, mas com uma premissa base: não...
Portugal’s Tax Authorities Uncover €522 Million Discrepancy Among Largest Taxpayers.
Portugal’s tax and customs authority, AT, recently revealed that a substantial €522 million in taxes may be missing from the country’s major taxpayers, encompassing both individuals and companies. This discovery followed a series of intensive inspections conducted by...
Guide for Filing US Expat Taxes 2024.
Americans living abroad must still file taxes in the United States. In addition, US expat taxes are more complex. This is because there are specific rules (and benefits!) when filing an American expatriate tax return. But thanks to these benefits, many expats don’t...
Form 5472 is now required for non-Americans that own an LLC in the U.S
Prior to 2017, ownership of a Limited Liability Company (LLC) by a non-American generally did not require the filing of a U.S. tax return with the IRS. Consequently, non-American programmers and other digital nomads that lived and worked outside the U.S. but created...
FBAR filing requirements for a non-resident alien (NRA)
In one of the IRS’s more generous rules, it allows U.S. expats to treat their non-resident alien (i.e. non-American) spouse as a U.S. person for tax purposes (assuming that several conditions are met and a correct application for this particular treatment is properly...
FBAR (FinCEN 114) vs Form 8938
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly...
Tax Returns in Portugal for Foreign Residents IRS – Mod.3
If you are considering moving to Portugal as a foreign resident, it is important to understand the tax system and tax implications. Here you have relevant information about tax returns in Portugal for foreign residents: Non-Habitual Resident (NHR). The NHR program in...
Child Tax Credit 2024: Find Out if You’re Eligible
By Katie Teague CNET, April 27 If you've been waiting for a child tax credit expansion bill to get passed, don't delay any longer. We'll explain what's going and what you should do. The child tax credit -- both the current credit and the one stalled in the Senate --...
When Will the IRS Send Your Refund?
From Katie Teague CNET April 27 adapted by US Tax Consultants Tax season is not over yet, but when should you expect your child tax credit refund? Here's how to find out when you'll get it. Tax season might be over, but if you're reading this, you probably haven't...
The IRS reminds taxpayers to claim 2020 refunds by May 17
By: Wolters Kluwer on May 1st The IRS has reminded taxpayers that time is running out for them to claim refunds for tax year 2020. The reminder says that May 17 is the deadline for claiming those refunds. People who want to claim tax refund for 2020 need to file their...
IRS Backlogs
Why TIGTA Did This Audit Backlogs of tax returns and other types of tax account work resulting from the Coronavirus Disease 2019 Pandemic (Pandemic) have had a significant impact on the IRS and taxpayers. The backlogs continued into Calendar Year (CY) 2023 with...
US Tax Consultants and Know2Grow: A Strategic Merger
In a bold move that has captured the attention of the business world, US Tax Consultants and Know2Grow have joined forces to create a powerhouse in the financial services industry. This strategic merger aims to leverage the strengths of both companies and provide...
2024 is the Year to Get Tax Compliant and get the Stimulus Checks
Edited from From 1040Abroad If you’re one of the many Americans who has fallen behind on your taxes, now is the perfect time to get caught up and potentially receive a significant amount of money. It is estimated that 9 to 10 million people who have not yet received...
Need To Know! Seminar on Fiscal Obligations of U.S. Expats living in Portugal. March 21st, 2024
At Taguspark, on Thursday March 21st, 2024, at 3pm Registration required American Club of Lisbon. Attention all U.S. expats living in Portugal. Your deadline for the 1040 in the U.S is June 15th. Are you aware of your fiscal obligations as an American citizen living...
Need To Know! Seminar on Fiscal Obligations of U.S. Expats living in Portugal. March 20th, 2024
At LACS Conde D’Óbidos, on Wednesday, March 20th, 2024, at 11am. Registration required American Club of Lisbon. Attention all U.S. expats living in Portugal: Your deadline for the 1040 in the U.S is June 15th. Are you aware of your fiscal obligations as an American...
US Tax deadlines for Individual Tax Returns.
June 15th is the deadline for submitting your tax return, if you live outside the U.S., and in this case it's also the last day to file a free tax extension. If you do not finish your taxes by April 15th, 2024, you're not alone. Almost one third of all taxpayers wait...
Child Tax Credit: Which Divorced Parent Gets to Claim It?
Child Tax Credit: Which Divorced Parent Gets to Claim It? If you want to share the Child Tax Credit with your ex-spouse, you'll need to create your own arrangement. Income taxes might not be at the top of your to-do list after a divorce, but the complications of the...
Child Tax Credit 2024
How Much You Could Get and Who’s Eligible If you have children, this credit has been providing a nice boost for your family during tax season. If you have any children under the age of 17, including any born during 2023, you could be eligible for the child tax credit....
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