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Timestamp: 2017-06-24 23:59:19
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Windstar Archives - Page 9 of 12 - Thomson Reuters Tax & Accounting
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U.S. or Foreign Person Part 3: Foreign Person
On May 7, 2012 By Paula Singer Individuals who are foreign persons include all non-U.S. citizens who are neither green-card holders nor meet the 183-day substantial presence test (called nonresident aliens). Nonresident aliens also include individuals who meet the 183-day substantial presence test for the calendar year but who are also residents of a tax treaty country (called dual residents) who make an [...]Read Full Article →U.S or Foreign Person Part 2: U.S. Person
On May 3, 2012 By Paula Singer Individuals who are U.S. persons include U.S. citizens and non-U.S. citizens who are resident aliens for U.S. federal tax purposes. U.S. citizens and resident aliens are subject to withholding and reporting on their worldwide income even when they live and work outside the U.S. U.S. citizens include: Individuals born in the U.S. Individuals born outside of [...]Read Full Article →U.S or Foreign Person Part 1
On May 1, 2012 By Paula Singer In order for payers (called withholding agents because of their obligation to withhold taxes) to withhold and report income payments appropriately, they must determine whether the beneficial owner of the income is a U.S. person or a foreign person. The broad definition for the term, withholding agent, includes anyone who “has control, receipt, custody, or [...]Read Full Article →Residency for Tax Treaty Purposes for Individuals Part 4: The Tax Expatriation Rule
On April 27, 2012 By Paula Singer Tax code Sections 877 and 877A (the exit tax) impose special provisions on certain U.S. citizens who terminate their citizenship and long-term green-card holders who lose their status through abandonment (whether or not intentional) or revocation provided they meet certain criteria. As a result, most tax treaties include provisions limiting the eligibility of these individuals to use [...]Read Full Article →Residency for Tax Treaty Purposes for Individuals Part 3: The Savings Clause Exception
On April 25, 2012 By Paula Singer Because the United States imposes worldwide taxation on its citizens and immigrants (popularly called green-card holders), all U.S. tax treaties include a provision commonly referred to as a savings clause because it saves the right of the U.S. to tax its citizens and residents wherever they reside in the world. For example, Article 1(4), General Scope, [...]Read Full Article →Residency for Tax Treaty Purposes for Individuals Part 2: Eligibility for Treaty Benefits
On April 23, 2012 By Paula Singer Eligibility for tax treaty benefits in the first instance is based on an individual’s tax residency status (not citizenship) in the treaty country. The timing of tax residency in the treaty country varies with the treaty article providing the benefit. Most treaty benefits require an individual to be a tax resident of the treaty country at the [...]Read Full Article →