Qualifying individuals must report income earned in foreign countries on their US tax returns. The penalties for noncompliance are steep. Chugh CPAs, LLP CPA and Team Lead Neha Karnwal discusses important factors including:
- Who must pay taxes on their foreign income.
- Reporting thresholds.
- Avoiding double taxation on your foreign income.
- Tax credits and exclusions available, and whether you qualify.
- And more.
Learn more about claiming foreign assets on your US tax returns.