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Foreign Gifts

Receiving a Bequest from Abroad If the value of aggregate foreign gifts that you receive during any year exceeds $10,000, you must report each foreign gift to the IRS. (The $10,000 figure will be increased for inflation after 1996.) A foreign gift is any amount you receive from a non-US person, which you treat as …

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Controlled Foreign Corporations (CFC’s)

Controlled Foreign Corporations (CFC’s) U.S. Citizens and Lawful Permanent Residents (i.e. Green Card holders) have unique income tax obligations, regardless of their country of residence, they must file United States income tax returns and international information returns annually. The U.S. income tax system is based on citizenship and lawful permanent resident status not just on …

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Affordable Care Act

Under the Affordable Care Act, the federal government, state governments, insurers, employers, and individuals are given shared responsibility to reform and improve the availability, quality, and affordability of health insurance coverage in the United States. Starting in 2014, the individual shared responsibility provision calls for each individual to have minimum essential health coverage (known as …

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Foreign Asset Reporting

Internal Revenue Service has concentrated efforts in recent years to ensure reporting of the existence of foreign holdings, and of income earned abroad or through foreign assets. Increasing numbers of U.S. taxpayers (U.S. citizen, green card holder, or lawful permanent resident of the U.S, or an entity established within the U.S., or which is owned …

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