Many united states us citizens and resident aliens receive income from foreign sources there have been recent reports about the interest of the internal revenue service irs in taxpayers with accounts in liechtenstein the interest of the irs however extends beyond accounts in liechtenstein . What follows is a brief description of some of the rules governing the us income taxation of the foreign business outbound activities of closely held us businesses and the some of the important changes thereto under the tax cuts and jobs act taxation of foreign income. You can use the irss interactive tax assistant tool to help determine whether income earned in a foreign country is eligible to be excluded from income reported on your us federal income tax return if you are a us citizen or a resident alien of the united states and you live abroad you are taxed on your worldwide income. All countries tax income earned by multinational corporations within their borders the united states also imposes a minimum tax on the income us based multinationals earn in low tax foreign countries with a credit for 80 percent of foreign income taxes theyve paid most other countries exempt . Topic page for foreign source income form 1042 annual withholding tax return for us source income of foreign persons instructions for form 1042 annual withholding tax return for us source income of foreign persons
How it works:
1. Register a Free 1 month Trial Account.
2. Download as many books as you like ( Personal use )
3. No Commitment. Cancel anytime.
4. Join Over 100.000 Happy Readers.
5. That's it. What you waiting for? Sign Up and Get Your Books.