Attention business owners! A significant regulatory change is on the horizon, and it’s one you can’t afford to ignore. Starting January 1, 2024, nearly all businesses operating in the United States will be required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). What is Beneficial Ownership? Simply put, …
Tag Archives: tax treaty
Determining US tax residency
The United States of America is one of the few countries in the world that treats all of its citizens independent of where they actually live as tax residents. This means that all citizens must report their worldwide income and pay federal income tax on that income even if they have not been to the …