IRS Releases New Cryptocurrency Reporting Form 1040 Guidance

IRS Releases New Cryptocurrency Reporting Form 1040 Guidance

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 […]

Do US Expats Pay Medicare Tax?

Do US Expats Pay Medicare Tax?

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 […]

US Expat Tax Filing: What Documents Do I Need? A Checklist

US Expat Tax Filing: What Documents Do I Need? A Checklist

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 […]

FBAR Bank Account Reporting for US Expats – The Ultimate Guide

FBAR Bank Account Reporting for US Expats – The Ultimate Guide

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 […]

FATCA Exception For Expats Resident Abroad Bill Introduced

FATCA Exception For Expats Resident Abroad Bill Introduced

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 […]

US Taxes for American Digital Nomads – A Guide

US Taxes for American Digital Nomads – A Guide

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 […]

US Expat Needing a Filing Extension? IRS Form 4868 Explained

US Expat Needing a Filing Extension? IRS Form 4868 Explained

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 […]