Foreign citizens stuck in the U.S. due to international travel restrictions will have to explain their overstay to the IRS or face potential U.S. taxes.
Under U.S. tax law, foreign individuals residing in the U.S. have to report and potentially pay taxes on their worldwide incomes to the IRS if they meet a residence threshold of 183 days.
Under tax code Section 7701, foreign individuals who come to the U.S. for sports, business, medical visits, or tourism and who are unable to return to their home countries will have to file forms with the Internal Revenue Service next year ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.