When a taxpayer legally changes their name, there are tax consequences they need to know about, especially at tax time. People change their names for several reasons: Taking their spouse’s last name after a marriage Hyphenating their last name with their spouse’s after getting married Going back to their former name after a divorce Giving …
Here is how a name change affects a 1040 tax return Read More »
Generally, all U.S. citizens and resident aliens are legally obliged to file 1040 and be taxed on their worldwide incomes. When we say resident aliens, they constitute taxpayers, who are Greencard holders or who meet Substantial Presence Test. Here we will discuss what Substantial Presence Test is and how taxpayers can avoid being subject to …
Substantial Presence Test and 8833 Vs 8840 to bypass 1040 filing Read More »
What is an FBAR? FBAR is a colloquial term for Form 114, Report of Foreign Bank and Financial Accounts. Simply put,this requires the taxpayer to provide a summary of all foreign accounts held outside United States.Its filing is required by Bank Secrecy Act. Who are required to file? U.S. persons having interest in foreign financial …
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