Expertise in Offshore Tax Forms

Foreign Earned Income Exclusion

Foreign Earned Income filed on Form 2555 is exempt from U.S. taxation (up to certain limits) for salaries and wages you receive while working in a foreign country, provided your tax home is in a foreign country and you meet either the bona fide residence test or the physical presence test. To optimize tax savings, you must consider certain factors and run tax calculations to ensure you claim the full benefit of the exclusion.

Foreign Tax Credit

A Foreign Tax Credit filed on Form 1116 is generally applied to mitigate the potential for double taxation dollar-for-dollar. To determine the proper use of the credit, a compliance review and an International Tax Structure review may be necessary to determine the proper application under the law and to apply the credit under the correct category of income.

Controlled Foreign Corporations

A Controlled Foreign Corporation (CFC) is a corporate entity that is registered and operates in one country but is more than 50% controlled or owned by residents or entities from the United States and is required to file a series of complex forms and schedules under Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations.

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