If you’ve ever electronically transferred money to another person or business, you’re likely familiar with the term remittance. When you remit, you have several options. There are also things to watch out for!
One of the most common questions we are asked is about the tax implications of inheriting property or assets in/from a foreign country. Under most circumstances, you will not pay tax on the receipt of an inheritance from abroad - but you still may have to report it!
In general, it is not advisable to withdraw money early from your 401K. Some of our clients ask us if they should take an early distribution from their 401K when they move back to their home countries. The answer is still usually no because there are penalties and tax consequences of doing so. You can leave your 401K right where it is and benefit from it in retirement, wherever you are living in the world. However, in some cases, especially financial hardship or early retirement, an early withdrawal (or distribution) from your 401K may serve as a viable strategy.
Most non-citizens are eligible for social security benefits if they meet certain requirements. Here are the top five things you need to know.
The Foreign Account Tax Compliance Act (FATCA) was passed to mandate U.S. taxpayers to report their foreign account assets. This is the United States’ effort to identify tax evasion by citizens holding financial assets abroad. Immigrants need to be aware of how this law impacts the insulation of foreign assets.
Living and working in the US is undoubtedly attractive but for a variety of reasons you may decide to call it a day, reuniting with family or simply pursuing other opportunities abroad. Yet keeping your green card or US citizenship when you’ve settled abroad may imply intrusive, annual US tax filings even though you’ve left the country.
US immigrants are often most focused on achieving permanent residency status. But estate tax planning should happen in tandem to pre-residency planning. US estate tax burden issues must be addressed, especially for high net worth individuals.
Merely being admitted to a college or university in the United States does not mean that you will receive Form I-20. Before a DSO can provide Form I-20, the international student must certify financial responsibility. This process is distinct from meeting admission requirements and being accepted to the school.
The F1 visa does permit some very specific kinds of work while you are studying in the United States and immediately thereafter. This article is a guide to the types of work that are permitted.
While you are working for a US employer on an H1B visa, you may be offered opportunities to take on additional work through another employer or entity, sometimes as a freelancer. Unfortunately, these types of work are almost always forbidden while on an H1B visa.