Form 5471 Schedules Explained: A Complete Guide for US Shareholders
Filing IRS Form 5471 is one of the most demanding compliance tasks in the US tax system. While the main four-page form captures basic corporate data, the heavy lifting happens in the Schedules. These attachments serve as the diagnostic tools the IRS uses to calculate everything from deemed dividends to foreign tax credits. Following the […]
The QEF Election: How it impacts your Form 8621 filing
If you hold investments in foreign mutual funds, ETFs, or certain foreign holding companies, you have likely encountered the dreaded Passive Foreign Investment Company (PFIC) rules. For US taxpayers, PFICs are notorious for punitive tax rates and complex reporting requirements. However, making a Qualified Electing Fund (QEF) election can be a game-changer. By choosing this […]
Digital Nomad Taxes: A Guide for Remote Workers Abroad
The freedom to work from anywhere in the world is one of the biggest perks of being a digital nomad. From tropical beaches to vibrant city centers, digital nomads enjoy a lifestyle that blends work, travel, and adventure. But this freedom comes with a unique responsibility: understanding digital nomad taxes. Whether you are a freelancer, […]
The Best Expat Tax Service: Why More Americans Abroad Choose Universal Tax Professionals
In 2025, Universal Tax Professionals (UTP) solidified its position as the leading choice for US expat tax preparation. By championing a human-first approach in an industry flooded with automated tools, UTP delivered what AI software cannot: nuanced judgment for high-complexity returns. With a 100% success rate in Streamlined Filing and a transparent flat-fee model, UTP […]
Top 10 US Expat Tax Deductions To Know in 2026
Filing US taxes as an expatriate can feel overwhelming. Even while living abroad, US citizens are required to report worldwide income, which often leads to concerns about double taxation and missed deductions. Fortunately, there are several US expat tax deductions specifically designed to help reduce taxable income, lower your US tax bill, and make tax […]
IRS Form 5471 Categories
Who must file Form 5471? Any US person (citizen, resident, or certain entities) who owns, controls, or has specific involvement with a foreign corporation may be required to file Form 5471 with the IRS. The exact filing obligation depends on five IRS categories of filers (Categories 2 through 5). Each category is based on ownership percentage, […]
Estimated Taxes for Americans Working Abroad
For many Americans living abroad, filing a US tax return is already a complicated process. On top of that, self-employed expats, freelancers, contractors, and even employees without sufficient tax withholding may also need to make estimated tax payments throughout the year. Understanding how estimated taxes work for Americans abroad is essential to avoid penalties, stay […]
Forex Tax Reporting
Foreign exchange (forex) trading is one of the largest financial markets in the world, attracting both casual traders and full-time professionals. While traders often focus on strategies, platforms, and profits, one critical area is sometimes overlooked—forex tax reporting. Whether you trade currencies part-time or as your primary income source, the IRS and tax authorities worldwide […]
How do I pay US Taxes from Overseas?
Paying tax overseas is a responsibility that every US citizen and green card holder must take seriously. Even if you live outside the United States, you are still required to pay US taxes as an expat. This applies whether you are working for a foreign employer, self-employed, or retired abroad. If you’re wondering about how […]
