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Are Foreign Nationals US Residents for IRS Tax Purposes?

Many foreign nationals come to the US each year, often under an H1-B visa, in order to live and work.  It is important for you to understand US tax laws as a resident of the United States – even if you have not yet received a green card or other permanent status.  Are foreign nationals US residents for IRS tax purposes and required to file a US tax return?  You are considered to be a “US resident” and must file a tax return with the IRS if you have received your green card or “Alien Registration Card.”  You are a US resident for tax purposes the day you receive permanent status or a green card.  However, if you reside in the US but do not have a green card there are other complex US tax laws that will determine if you are a US resident or exempt for the purposes of taxation.

We invite you to contact Allen Barron for a free consultation to help determine if you qualify as a US Resident or are “Exempt” under US tax laws by calling 866-631-3470.

Many foreign nationals are not aware of the offshore disclosures required by the IRS for US residents and taxpayers.  US tax law requires you to make a complete, accurate and transparent disclosure of all offshore bank and investment accounts, assets, business ownership, interest in a foreign trust, real estate holdings and all sources of income.  This information will be contained within your tax return, as well as on the FBAR or Report of Foreign Bank and Financial Accounts.  The failure to disclose your offshore holdings will expose you to extremely high and harsh penalties as well as criminal tax evasion prosecution.  The IRS has provided two options to come into FBAR compliance including the Offshore Voluntary Disclosure Program or OVDP and the Streamlined Domestic (Foreign) Offshore Procedures.

Are foreign nationals US residents for IRS tax purposes and required to file tax returns and FBARs?  Contact the experienced IRS and international tax attorneys at Allen Barron for a free consultation at 866-631-3470.