End of the year Tax Compliance for NRI’s in the US Tax compliance it is no secret, that a considerable number of Indians move out to other countries in the search of better opportunities. This obviously means that they are now liable to pay taxes in the new country that they have moved in to. [...]
NRI with Green Card in the US, what not to forget while filing your taxes this year The income tax system that currently in motion in the United States of America, requires corporation, trusts, estates and individuals to pay taxes. If you are an NRI, you must also pay taxes to Uncle Sam. Irrespective of [...]
What is the difference between Form 8938 and FBAR form in terms of reporting of Foreign Financial Assets?
What is the difference between Form 8938 and FBAR form in terms of reporting of Foreign Financial Assets? FBAR, FATCA, these are some of the acronyms that might confuse a lot of taxpayers. Especially when it comes to foreign financial assets, which one should a taxpayer choose and why. Form 8938 The HIRE Act was [...]
What Is IRS Form 1099-INT: Interest Income? Tax filing season can be stressful, to say the least. With several documents, investments, proofs and bills to take care of, various Forms can make things a bit more overwhelming. Thus, the golden rule of starting early always pays off. When you start early, you have additional time [...]
What is US Tax Form 1040 – Foreign Tax Credit? The taxation system in the US taxes its taxpayers on their global income.US Tax Form 1040 Since there are chances that taxpayers could have paid taxes for income in the respective countries, the Foreign Tax Credit system is more useful than one might think. By [...]