Declaring Bankruptcy When You Owe Irs Tax Arrears: Difference between revisions

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Revision as of 13:32, 22 October 2024

There is much confusion about what constitutes foreign earned income with respect to the residency location, the location where the work or service is performed, and the source of the salary or fee pay. Foreign residency or extended periods abroad of the tax payer is often a qualification to avoid double taxation.

B) Interest earned, however paid, throughout a bond year, must be accrued at the conclusion of the bond year and reported as taxable income for the calendar year in in which the bond year ends.

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