Glossary

G-I

G

Grandfathered Obligation
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were a lawful permanent resident of the United States according to the immigration laws, and this status has not been rescinded or administratively or judicially determined to have been abandoned, you are considered to have met the green card test.

Gross income
Money, goods, services, and property a person receives that must be reported on a tax return.

H

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.

HIRE Act
Hiring Incentives to Restore Employment Act; FATCA was enacted as part of HIRE

I

I-407
Abandonment of Lawful Permanent Residence Status ñ issued by the Department of Homeland Security to declare that U.S. residency has been rescinded.

Income taxes
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.

Indicia
A term meaning indication. In the context of FATCA, indicia refer to evidence or indications that an account holder might be a US person.

Indirect tax
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.

Investment income
Includes taxable and tax-exempt interest, dividends, capital gains net income, certain rent and royalty income, and net passive activity income.

IRS
The United States Internal Revenue Service

ITIN
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 Seven

    Thanks to FATCA banks must disclose their American account holders to the IRS or local tax authority.
  • Fact Six

    The IRS is actively looking for non compliant US persons.
  • Fact Five

    It takes an average of 16 hours to do IRS Form 1040.
  • Fact Four

    There are over 500 IRS tax forms.
  • Fact Three

    Since 1916, illegal income has been taxable.
  • Fact Two

    US persons must file tax
    returns no matter where they live and work.
  • Text One

    7 million Americans abroad
    only 500,000 compliant

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