Taxes
Latest in Taxes
ESOPs vs RSUs: Taxation for Indians returning from abroad
ESOPs trigger salary tax at exercise (FMV minus exercise price) and capital gains at sale; RSUs trigger salary tax at…
FBAR Filing Essentials: Form 114 Due April 15 with 6-Month Extension
U.S. persons with foreign accounts over $10,000 must file FBAR (FinCEN Form 114). For 2025 (2024 accounts) the deadline is…
NRAs Deductions: No Standard Deduction Except Indian Treaty
Nonresident aliens generally cannot take the standard deduction and must itemize U.S.-connected expenses on Schedule A (Form 1040-NR). Allowed deductions…
FATCA Essentials: Form 8938 thresholds and foreign asset reporting
IRS deadlines require FFIs to certify FATCA compliance by July 1, 2025 for the 2024 period. Taxpayers must use Schedule…
Nonresident Filing Status for 1040-NR: Single, MFS, QSS
Nonresident aliens filing Form 1040-NR cannot file jointly or as head of household; they must use Single, MFS, or QSS.…
TCJA Exemptions Repealed: Personal Exemptions Non-Deductible by 2025
The TCJA removed personal exemptions in 2018 and raised the standard deduction; 2025 legislation aims to make that repeal permanent.…
Understanding FBAR Definitions: Financial Accounts, Interests, and Rules
U.S. persons must report foreign financial accounts on FinCEN Form 114 if they have financial interest or signature authority. Determine…
Filing 1040-NR for Calendar Year: April 15 or June 15 Deadlines
The IRS divides nonresident alien filing deadlines in 2025: April 15 for those with U.S. wages/withholding or a U.S. office;…