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Pasadena Texas online Form 14653: What You Should Know
A. B. “In general, the new procedure enables US persons residing in the country with their spouse and minor children to file their income tax returns via a “streamlined foreign offshoring” procedure in connection with the taxpayer's foreign business partner without filing separate forms in each of their home countries. The procedure allows US persons residing in the United States to file their income tax returns through a foreign tax avoidance method (in lieu of a domestic tax avoidance method), which enables the IRS to verify a foreign person's compliance with applicable tax law. The new procedure enables US persons residing in the United States to file their income tax returns through a foreign tax avoidance method, which is designed to reduce their US taxable income to the extent that US persons' foreign income is effectively taxed by foreign governments, while US persons' foreign income is effectively taxed by US taxpayers in some part by an intermediate entity (or similar intermediary entity) located outside the US. For purposes of the Streamlined Foreign Offshore Procedures, a “foreign tax avoidance method” (FAM) is a tax loss harvesting or other tax law change that permits a foreign person to make the US tax burden more comparable to the tax burden imposed on the foreign person by the foreign country. The new procedure enables US persons residing in the United States to file their income tax returns through a foreign tax avoidance method, and also enables US persons residing overseas to file their income tax returns, if the US person is a business partner of a foreign person or is a resident of the UK or Ireland. In connection with the Streamlined Foreign Offshore Procedures, the IRS must review the financial transactions of US persons residing in the country with their spouse and minor children who are not US persons residing abroad for US person residence, which are required to be reported and remitted through the US person resident in the country with their spouse and minor children. The US person is also required to certify that it is for one of the two reasons (non-residence and non-US parent present) as specified in §1357(b) of the I.R.C.: (1) the spouse or dependent being treated as a US person residing abroad wishes to make the foreign financial transactions consistent with the status of the non-resident spouse or dependent and (2) the US person residing abroad is a non-resident spouse or dependent living in the US.
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