US1.9.1ÌýÌýÌýÌý Income tax
An annual US Federal Income Tax Return must be filed. Further information can be found at the links detailed in the table below:
| Category | IRS Form |
| US citizens & residents | Form 1040
About Form 1040, U.S. Individual Income Tax Return | Internal Revenue Service (irs.gov) |
| Non-resident alien individuals | Form 1040-NR
About Form 1040-NR, U.S. Nonresident Alien Income Tax Return | Internal Revenue Service (irs.gov) |
Information reporting
US citizens and residents are subject to a variety of annual information reporting requirements concerning non-US trusts (IRS Form 3520) and 'foreign financial interests' (IRS Form 8938).
These information returns are submitted as attachments to an individual's Federal Income tax Return. Failure to file, or the submission of an incorrect/incomplete report carries a penalty of $10,000.
IRS Form 8858
Most individuals being sent on assignment to the US would probably not consider completion of this Form as relevant to their circumstances. The title of the Form is, 'Information Return of US Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs)'. However, once an
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Web page updated on 28 Aug 2024 11:31