How Form 8865 Accounting 2023-2024

Lock talk radio Music and good morning from sunny California, seven thirty in the morning here. It's a beautiful day, the weather finally cooling off. Today we're talking about a that is missed so many times and so much money is paid in taxes that are not legally old, not required, and it happens with resident aliens, and by aliens I mean somebody here illegally not from another planet, and they are from a host country, a country that has a tax treaty with the United States and not every treaty is going to have this special clause that I'm going to talk about in a few minutes, but it's mostly the European treaties and the course the United Kingdom. So first a little background, when is an alien taxable in the United States and what is the alien taxable arm? - So our tax law divides aliens into three classifications. The first two are really straightforward, you probably grew the term many times - non-resident alien and the other term is resident amen. Now, the important factors to realize these are income tax terms and not estate and gift tax terms, which would be a really discussed at the end of the show. So a non-resident alien is what you expect - somebody living outside the country maybe coming here for vacation at the very most. So most people who are living in the United Kingdom in the European Union are non-resident aliens. They will pay income tax on US source income. So they have income from a domestic corporation as a dividend, the tax rate is thirty percent except for those are in a treaty country and uses a rate of bucks five or ten or fifteen percent. They were paid no tax on stock market short or...