United States Income Tax Treaties - Important Facts About How to Analyze a US Income Tax Treaty

www.goldinglaw...
Tax Treaties: International Tax Law is highly complex. That is because there are two (oftentimes ‘competing’) bodies of law. Oftentimes the the U.S. or Domestic Taxation Law will conflict (or otherwise not bode well) with the foreign country’s tax laws. For example, in some countries, financial and bank data is private - meanwhile, the IRS requires US Persons to report their overseas accounts, assets, and investments each year on a myriad of different forms. In order to minimize any tax surprises, the United States has entered into a tax treaty. There are various different types of international tax treaties available to taxpayers as well. Tax Treaties impact everything from income tax, estate tax, income re-characterization, social security and foreign account compliance (FATCA).
The study of tax treaties can go on indefinitely - there is just that much information to digest. Our Treaty Tax Lawyers will summarize the four (4) main types of tax treaties that impact the U.S. tax liability of individuals:
Income Tax Treaty
Estate Tax Treaty
Totalization Agreement
FATCA Agreement (IGA)