Tax information for foreign persons classified by the IRS as: resident aliens who meet the green card test or the substantial presence test in the current year; nonresident aliens who have not met the green card test or the substantial presence test; dual status aliens who change residency status in the current year; foreign students who temporarily reside in the U.S.; and other categories, including athletes and entertainers, agricultural workers, au pairs, dual status aliens, and expatriates.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
Understanding Tax Return Preparer Credentials and Qualifications
Understanding the Internal Revenue Service (IRS) Streamlined Filing Compliance Procedures. What is it❓Who Must File 🕒When to file🤔How to File📚Record-keeping Requirements⚖️Penalties 📭 Post-Submission Process 🔍 Future Compliance 📝🤝 CLAN TAX can help! Hire a tax professional or 🛠️DIY. Key Changes. Eligibility Criteria: Who Qualifies? Domestic or Foreign: (SDO) Streamlined Domestic Offshore Procedures: U S Taxpayers Residing in the U. S. and (SFO) Streamlined Foreign Offshore Procedures: U.S. Taxpayers Residing Outside the U. S. Non-willful Certification. Exclusions: When Streamlined Procedures May Not Apply
FBAR: FinCEN Form 114. Report of Foreign Bank and Financial Accounts.🧾We can help!We can prepare and file your FBAR on your behalf!📝🤝What is it❓Who Must File 🤷♂️What is a Foreign Financial Account❓Exemptions from FBAR Filing🕒When to file🤔How to File📚Record-keeping Requirements⚖️FBAR Penalties🗓️Filing Delinquent FBARs and FAQ’s