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Do I Have to Pay Tax on Money Transferred Overseas?
Say you want to transfer money overseas. Maybe you’re receiving a gift, getting an inheritance, or moving existing funds from one bank account to another. You may be wondering if you’ll be required to pay tax on that money. Failure to report large sums of...Do You Need to Fill Out IRS Form 3520 if You Received a Gift from a Foreign Person?
If you or someone you know has received a gift of a substantial value from a foreign person or other source, the IRS probably wants to hear about it. Many U.S. taxpayers are faced with this quandary every year, and the system for disclosing is somewhat...Difference Between Residency-Based Taxation and Citizen-Based Taxation
American expatriates may be responsible for two sets of taxes. Countries have different tax codes and rules. Some may require you to pay taxes because you’re a citizen, others because you’re a resident. As a U.S. expatriate, it’s important to...What Are the Penalties for Not Filling Out IRS Form 3520?
Beneficiaries of offshore trusts or recipients of gifts from foreign individuals or estates can struggle when trying to understand the tax ramifications of notifying the IRS. There are several filing requirements that are relatively new and not well understood...Where is Your Tax Refund?
Navigating tax season can be overwhelming for all taxpayers. With so much paperwork and stress, finally filing can cause a sense of relief. But after a few weeks, you may start to wonder where your tax refund is. Knowing how to locate your tax refund is crucial for...