Foreign Earned Income: The Tax Situation

If you live overseas, you will likely find yourself in a special tax situation and may need to file Form 2555, Foreign Earned Income. You may be eligible for an exclusion that allows you to exclude a certain amount of income from taxation ($107,600 in 2020 and $108,700 in 2021). Who qualifies for the foreign earned income exclusion?…

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What Is GILTI And How Does It Work?

Global Intangible Low Tax Income Global Low Tax Intangible Income (GILTI) is a new tax regime under the Tax Cuts and Jobs Act (TCJA). Under this regime, United States Shareholders of Controlled Foreign Corporations (CFC) will potentially have an income inclusion based on the net earnings and profits of the CFC, less a few exceptions,…

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