An obligation that is outstanding on January 1, 2014.
“Green card test”
If at any time during the calendar year you were a lawful permanent resident of the United States according to the immigration laws, and this status has not been rescinded or administratively or judicially determined to have been abandoned, you are considered to have met the green card test.
Money, goods, services, and property a person receives that must be reported on a tax return.
Head of Household filing status
You must meet the following requirements:
1. You are unmarried or considered unmarried on the last day of the year.
2. You paid more than half the cost of keeping up a home for the year.
3. A qualifying person lived with you in the home for more than half the year (except temporary absences, such as school).
However, a dependent parent does not have to live with the taxpayer.
Hiring Incentives to Restore Employment Act; FATCA was enacted as part of HIRE
Abandonment of Lawful Permanent Residence Status ñ issued by the Department of Homeland Security to declare that U.S. residency has been rescinded.
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends).
Income taxes can be levied on both individuals (personal income taxes) businesses (business and corporate income taxes), trusts and estates.
A term meaning indication. In the context of FATCA, indicia refer to evidence or indications that an account holder might be a US person.
A tax that can be shifted to others, such as business property taxes.
Intermediate Service Provider
Assists in processing tax return information between the ERO (or the taxpayer, in the case of online filing) and the Transmitter.
Internal Revenue Service (IRS)
The federal agency that collects income taxes in the United States.
Includes taxable and tax-exempt interest, dividends, capital gains net income, certain rent and royalty income, and net passive activity income.
The United States Internal Revenue Service
Individual Taxpayer Identification Number – A tax processing number issued by the Internal Revenue Service to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).
Did you Know?
Fact SevenThanks to FATCA banks must disclose their American account holders to the IRS or local tax authority.
Fact SixThe IRS is actively looking for non compliant US persons.
Fact FiveIt takes an average of 16 hours to do IRS Form 1040.
Fact FourThere are over 500 IRS tax forms.
Fact ThreeSince 1916, illegal income has been taxable.
Fact TwoUS persons must file tax returns no matter where they live and work.
Text One7 million Americans abroad
only 500,000 compliant