Michele-Marie Cloutier

 

Tax Forms & Worksheets

WORKSHEETS

Rental Income Expenses Worksheet
A great worksheet in Xcel for listing
income, expenses, repairs, etc.                  Download Xcel Worksheet

 

TAX FORM PDF's AND INFORMATION

1. FRIPTA - Foreign Investment in Real Property Tax Act
This is brief and very general. Each transaction and individuals’ tax situation is unique, and there may be other problems or options. Nonresident alien owned corporations, both foreign and domestic are treated differently. Consult with a competent tax professional for a definitive analysis.
Download Acrobat PDF.

 

2. IRS Form TD F 90-22.1, aka “FBAR” - Report of Foreign Accounts
The Bank Secrecy Act requires U.S. citizens, “Green Card” and qualified resident aliens to file Form TD F 90-22.1 (FBAR), reporting your ownership, financial interest in, signature on, or other authority (e.g. as a check signing bookkeeper/accountant) over all foreign (only) financial accounts. FBAR reporting is required if at any time (any day) during the previous calendar year, the combined balance of all foreign
accounts total US$10,000 or more.
Download Acrobat PDF.

 

3. "ITIN" - INDIVIDUAL TAXPAYER IDENTIFICATION NUMBER - Non-U.S. Citizens & Nonresident Aliens
To file a U.S. tax return or most tax related forms reporting income or having withholding requirements you must have either a valid U.S, Social Security Number (SSN), or an Individual Taxpayer Identification Number (ITIN), issued by the Internal Revenue Service (IRS). The ITIN is for IRS and tax purposes only, it does not qualify you to work in the U.S., nor does it affect your immigration status, nor qualify you for Social Security Benefits. Specifically it is needed if you:
• have to file a U.S. tax return or other tax-related form,
• are married to a U.S. person and file a joint U.S. tax return, or
• Are claimed as a dependent on an U.S. tax return.
• Have income tax withholding requirements or exemptions.
Download Acrobat PDF.

4. "ITIN" Expiration Dates - Frequently Asked Questions
Link to the IRS page regarding ITIN Expiration Dates 2017.
https://www.irs.gov/individuals/itin-expiration-faqs

 

5. Foreign Financial Accounts Reporting Requirements
With the globalization of the economy, more and more people in the U.S. have foreign financial accounts. While there are many legitimate reasons to own foreign financial accounts, there are also responsibilities that go along with owning such accounts. Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income.
https://www.irs.gov/uac/foreign-financial-accounts-reporting-requirements

 

6. Report of Foreign Bank and Financial Accounts (FBAR)
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

7. Rentals, Owned by a Non-Resident Alien & U.S. Taxes
Non-resident alien (NRA) rental property owners need to be aware of the US tax regulations concerning their rental activity.
Download Acrobat PDF.

 

8. IRS Form #8938, Statement of Specified Foreign Financial Assests
Use this form to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
https://www.irs.gov/uac/form-8938-statement-of-foreign-financial-assets

Download Form #8938 Acrobat PDF.

 

Michele-Marie Cloutier Tax Accounting ServicesDid you know?

Expenses: Keep a daily diary or log of your expenses throughout the year. It will be less intimidating to prepare your return and easier to identify all legitimate business costs if you have a log that’s up-to-date and detailed.

 

 

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