The Foreign Tax Deduction allows individuals to deduct foreign income taxes paid or accrued from their U.S. income tax, or alternatively, apply the taxes as a credit against U.S. income tax liabilities.
A collection of tax laws that are enacted by the federal government of the United States to administer tax obligations on individuals, corporations, and other entities.
A nonresident alien is an individual who is not a lawful permanent resident of the United States during the calendar year and does not meet the requirements of the substantial presence test, nor elects to be treated as a resident alien.
For income tax purposes, a United States Person (USP) refers to any individual or entity that falls under the umbrella of being liable to U.S. taxation, including citizens, residents, domestic partnerships, corporations, and certain estates and trusts.
