For a long time, many Chinese have gone to the United States to have children. These children have American nationality when they are born. We call it "Meibao." However, many Meibao parents have ignored: In fact, MEBO has a US tax filing obligation.
According to US tax laws, whether or not to file a tax return to the IRS tax table is not related to age, but to identity and income. If Meibao has a certain income or accepts a gift and reaches a certain amount, then it must report the personal income tax to the US Internal Revenue Service.
For example: Children's Star (work) income, interest income, stock trading income, rental income, company dividends, insurance dividends, etc., or receiving overseas gifts of more than 100,000 US dollars, must promptly fill out the form to declare US tax.
Therefore, parents who have Meibao should pay attention to whether the income under the name of your Meibao has reached the threshold of tax return. If there is any, you must fill out the form to declare the US tax in time to avoid missing the US tax liability and face with a high fine.
If you want to know more about American Baby Taxation Practice,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
(USTAX Service LLC)