How to Fix U.S. LLC Double Taxation Using Form 8832
Form 8832 allows you to elect to treat an LLC as a corporation for U.S. tax purposes.
Filing Your First US Tax Return
Your U.S. tax obligations begin with establishing your residency status. The primary mechanism for this determination is the substantial presence test, which assesses whether you are considered a U.S. tax resident.
Reporting Canadian Assets on a U.S. Tax Return: What You Need to Know
The U.S. and Canadian tax systems are different, especially when it comes to foreign reporting. Many Canadians who move south underestimate this. In one recent case, a client who had lived in the U.S. for three years had never filed FBAR reports, never disclosed a TFSA, and didn’t know about foreign reporting requirements.
FBAR Application to Corporations Explained
Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Contact Youtube Linkedin Instagram Facebook My Blog Does FBAR apply to corporations? Hi Mohammad, I have a little idea about FBAR but am confused about if applies to corporations as well? Yes! FBAR applies to corporations, LLCs, partnerships, trusts, and estates. Contact Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Youtube Linkedin Instagram Facebook
Type Of Accounts Needed to be Reported on FBAR
Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Contact Youtube Linkedin Instagram Facebook My Blog What type of accounts need to be reported on FBAR? Good afternoon, Mohmmad. Do FBAR and its legalities apply to specific set of accounts and if yes, what type of accounts they are? There are several accounts to which FBAR applies to. Few to mention over here are: Checking, savings, securities, brokerage, deposit, or any other account held with a financial institution. Moreover, if you hold a position of signature authority, you may also need to file for FBAR. Contact Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Youtube Linkedin Instagram Facebook
U.S. Expats & Paying Taxes Explained
Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Contact Youtube Linkedin Instagram Facebook My Blog Do US expats pay taxes? Hi Mohammad, I’m a US expat and I’m curious if I have to pay any taxes? Yes and No! Yes if their worldwide income is over the filing limit. No, if the previously mentioned case is the opposite. Contact Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Youtube Linkedin Instagram Facebook
Requirements For Qualifying U.S. Tax Treaty Benefits
Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Contact Youtube Linkedin Instagram Facebook My Blog What are the requirements for qualifying U.S. tax treaty benefits? Hi Mohammad, I have some idea about taxation but I wanted to know if US tax treaty benefits apply to me? Claiming tax treaty benefits requires assessing your financial data. This is a case-by-case answer. Consult a professional CPA to claim the benefits. Contact Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Youtube Linkedin Instagram Facebook
Paying Taxes in Both U.S. and Canada Explained
Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Contact Youtube Linkedin Instagram Facebook My Blog Do I have to pay taxes in both U.S. and Canada? Hi Mohammad, I’m a dual citizen of the US and Canada. Do I have to pay double taxes? Yes, they have to pay taxes. Moreover, in some instances, they have to pay extra taxes than a normal citizen does. These can be very tricky since they affect your real-life money. Try to consult a professional CPA to get the help. Contact Home About Mohammad Blog Akif CPA Home About Mohammad Blog Akif CPA Youtube Linkedin Instagram Facebook