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US Tax Treaties related Questions
What is a tax treaty?
treaties are what many countries have in place as an agreement with other countries to help prevent the
that may happen. In most cases when a tax treaty is set in place it will cover
value added tax
, and other types of taxes. Tax treaties also help to lower the cost of taxes on a certain treaty country for residents of another treaty country. Read below to find more questions about tax treaties that have been answered by the Experts.
Would a US resident have to pay taxes in the country where they earn money or would the money pass through a tax treaty?
In most cases the way the money would be taxed would depend on if the person was a US citizen or a resident alien. If they are a US citizen, then the tax treaty would have no bearing on the US or foreign money. If the person is a resident alien, then the tax treaty would step in and determine if the income is taxable. In most cases the country that the money is earned in is the country that would tax the money.
Does Monaco have Double Taxation Agreements?
Case Details: If a person starts a business in one country and invoices in other countries, would the invoices be taxed in the other countries?
Monaco has been trying to push for tax treaties with other countries. The treaties that are currently in place do not cover the double taxation. The country of Monaco does have a tax treaty with France, Luxembourg, and Qatar. In most cases the countries that are in treaties will tax the money at the source.
Does the US have a current Tax Treaty with the Marshall Islands ?
Case Details: Particularly a treaty precluding US investors from having Foreign Income Tax Withheld from their
paid by companies incorporated in the Marshall Islands
When it comes to Double Taxation Treaties, the Government of Marshall Islands has not signed any tax treaties with any other countries. If a company is located in the Marshall Islands, they are not required to withhold taxes for the US. Companies that are in the Marshall Islands do not pay taxes and they are also not required to keep financial statements, but the company is generally asked to keep the financial records on their earnings and expenses.
If an Argentine citizen is working in Mexico for a company that is based in California, would the person need to file taxes in the US?
If the company is based in the state of California and has retained the person for them, even if they have not worked in the US in several years, they will still be required to file a 104NR. The United States has tax treaties with several countries. If the person is a nonresident alien, then the tax treaties may reduce their tax liability. The income of the person would need to turn the income into the IRS to find out if they are tax exempt or would be eligible for a reduced tax.
Tax treaties are a way to help foreign countries not assume a higher tax when working in other countries. When a person has income in another country, then they may have questions regarding what countries have tax treaties or what countries will honor tax treaties. When these questions arise, then the person would need to contact an Expert and get the answers to the questions they may have about tax treaties.
Recent Treaties Questions
I am a CPA. I have clients who are a married couple and both
I am a CPA. I have clients who are a married couple and both are non-resident aliens. They sold a condominium in California that their son had lived in for 1 1/2 years while going to school. They sold the condo for a gain. The condo was owned by an LLC,
and the only member is the husband. Neither spouse has any other US income. They are residents of Singapore. Would this be reported as follows? The husband would file a 1040NR and in the filing status section would check box 5, Other married nonresident alien.
The LLC would qualify as a single member LLC and the sale will therefore simply be reported on the 1040NR. It seems there is no standard deduction available on the 1040NR, but certain itemized deductions are allowed. I do not see where mortgage interest and
real estate taxes are deducted. Thank you.
Can you tell me how the State of California taxes the growth
Can you tell me how the State of California taxes the growth of a deferred foreign pension (defined contribution or defined benefit) - no distributions are in receipt yet - and which information forms should be used (1099 something??). I am given to believe the pensions are treated as foreign employee trusts rather than grantor trusts - at least for IRS purposes. Foreign pension companies do not issue 1099 type info forms. The DB pensions are covered by tax treaty till distribution for fed tax but I think California does not abide by these tax treaties.
Foreign corporation shareholder of US C Corporation sells
foreign corporation shareholder of US C Corporation sells its stock to another foreign corporation. The US C Corporation owns single member LLC's which owns real property in US (rental properties). Does the foreign corporation that is selling its stock
investment in US corporation have a U.S. Tax reporting requirement or taxable event? same question but instead the foreign corporation sells stock it owns to a US corporation buyer?
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