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Alleviating State Double Foreign Taxation

Category: Articles

As the fiscal lives of an increasing number of U.S. residents cross international borders, tax planning for these individuals is full of complications. In this article, Mary Beth Lougen, EA, discusses tax strategies and tips to alleviate double taxation on foreign income at the state level, using tax relief provisions offered by the states to offse...

The Nightmare of PFICs at the State Level

Category: Articles

BY MARY BETH LOUGEN, EA, USTCP The taxation of Passive Foreign Investment Companies is incredibly complicated because of the various ways these companies can be treated federally. In this article, Mary Beth Lougen of Expat Tax Tools brings up frequently asked questions intended to make tax professionals think about what their clients with state re...

The Trouble with QEF Reporting

Category: Articles

BY MARY BETH LOUGEN, EA, USTCP Mary Beth Lougen examines the issues surrounding the sale of a fiscal year qualified electing fund (QEF) by passive foreign investment companies (PFICs). Practitioners that work with clients who have international connections often have to run the gauntlet of Code Secs. 1291–1298, the portion of the statute that cove...