article thumbnail

Exploring key 2024 tax bill proposals

ThomsonReuters

What does this mean for my firm? Tax policy impact: The No Capital Gains Allowance for American Adversaries Act proposes significant changes to tax treatment for gains and dividends derived from specified countries of concern. Tax firms must stay informed about these potential amendments to advise clients effectively.

article thumbnail

Overview of U.S. taxes on foreign income for individuals

ThomsonReuters

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. Passive income, such as interest, dividends, and rental income, does not qualify for the FEIE. To report foreign dividend income on your U.S. Foreign earned income.