10/17/2019
Following recent news that the IRS wrote to over 10,000 Americans (including expats) whom they believe hold Bitcoin or other virtual or cryptocurrency accounts informing them that they may owe tax, the IRS provided new guidance last week on how to report cryptocurrencies and in what circumstances they may be liable to taxation. Furthermore, the IRS […]
10/15/2019
Many UK citizens (as well as citizens of other countries) live or work in the US at some point, and they often acquire Legal Permanent Resident status, also known as a Green Card. When returning to the UK (or another country) though, the question arises about whether they should retain their US green card or […]
10/10/2019
Expats often ask whether Americans are still required to pay Medicare Tax if they live abroad. In this article we delve deeper into some different scenarios where they may have to. General US tax rules for Americans living abroad The US requires all Americans to file US taxes every year, reporting their global income. This […]
10/07/2019
All American citizens and Green Card holders are required to file a US federal tax return every year, reporting their global income, even if they live abroad. Americans may also have to report any foreign registered businesses, financial assets, and bank or investment accounts that they may have. Neither international tax treaties nor filing foreign […]
10/03/2019
Over 9 million Americans have chosen to embrace the adventure of a lifetime – living abroad. Many don’t realize though that the US tax system requires all US citizens to file US taxes, reporting their worldwide income, wherever in the world they might be. In contrast, most other countries either just tax residents, or just tax income […]
09/23/2019
Americans living abroad are subject to US taxation on their worldwide income, as well as a raft of other US reporting requirements, such as having to report their foreign financial accounts each year by filing an FBAR (Foreign Bank Account Report). FBAR reporting is triggered if any American has a total of over $10,000 in foreign accounts […]
09/19/2019
Digital Nomads are a new breed of American hero, roaming the world while working remotely. The Nomad lifestyle allows Americans to explore far off lands and cultures without taking time off work, and it can also offer tax advantages, as well as providing an opportunity to live cheaply and save money. Understanding US tax rules is an […]
09/16/2019
Following the recent revelations that hundreds of thousands of Accidental Americans around the world face having their bank accounts closed at the end of 2019, the IRS has announced a penalty and tax free path that will allow many of these individuals to renounce their US citizenship without paying any penalties, and so keep their […]
09/12/2019
Bright!Tax is proud to support ACA’s residency-based taxation campaign that aims to alleviate the current requirement for Americans living abroad to pay US taxes on their worldwide income. Every day, the team at Bright!Tax talks to expats around the world and hears first hand how their lives are affected by the US tax system. ACA […]
09/09/2019
Many US expats are surprised to learn that they are still required to file US taxes from overseas. While it’s true that all American citizens have to file though, reporting their worldwide income, wherever in the world they live, it’s also true that the majority of expats don’t end up owing any US income tax […]