The Tax Implications of Being a U.S. Resident and How to Avoid (in Under 90 seconds)

Описание: The Tax Implications of Being a U.S. Resident and How to Avoid (in Under 90 seconds)

One of the most complicated aspects of US tax law is oftentimes just determining whether or not a person is considered a US person and therefore subject to US tax on worldwide income. Unlike other countries, the United States follows a Citizenship-Based Taxation model. That means that if a person is considered a US person, then they are required to include their global income on their US tax return— as well as disclose their foreign accounts, assets, and investments on various international information reporting forms. It is important to note that a US person is not limited to just a US citizen. It also includes Lawful Permanent Residents and foreign nationals who meet the Substantial Presence Test.