One of the first questions posed to us by local advisors (investment managers, law firms, accounting firms, trustees) and by their clients is, What is the definition of a US Person for tax purposes? The US tax system imposes its income tax on “US Persons”; and the tax reaches all forms of income and gains […]

The IRS has written a good bulletin with several resources for US tax help as the April 15 deadline approaches. As a reminder, all tax payments are due on April 15, but you can file for an extension until June 17 using Free File in order the finish your tax return itself. There are also […]

Please note a newer post was published on this topic in March 2020. What is the IRS definition of a US Person? The below discussion focuses on individuals, however, entities, such as corporations, partnerships, and trusts are also US persons and have worldwide tax and reporting obligations as well, including the FBAR or Fincen form […]

The United States imposes its Income Tax on US PERSONS based on the person’s worldwide income.  It does not matter where you live – if you are a US PERSON or as an advisor have a US PERSON in your investment structure, you (or they) are subject to US Income Tax. Many American citizens who […]