02/03/2020
All Americans are required to file US taxes reporting their worldwide income, even if they live abroad. The IRS has provided a number of exemptions, notably the Foreign Earned Income Exclusion and the Foreign Tax Credit, that US expats can claim when they file that for most people mean they won’t end up paying any […]
01/24/2020
Good news for American expat small business owners: US tax attorney Monte Silver has won a significant milestone in his lawsuit against the IRS over it’s application of the new Transition Tax (part of the recent Tax Reform, and often referred to as the Apple Tax) to small businesses. Background – Tax Reform and Unintended […]
07/04/2019
Last month, the IRS released final proposed guidelines relating to the taxation of GILTI (Global Intangible Low Tax Income) on certain foreign registered businesses. The 318 pages of IRS guidelines contain some welcome news for many US expat business owners. Background Before the Trump Tax Reform (the Tax Cuts and Jobs Act of 2017), Americans […]
03/11/2019
Breaking News: Expat small business owners were celebrating today as the Treasury announced relief for individual American owners of foreign registered corporations from the new GILTI tax introduced in the Trump Tax reform. Deep within 177 pages of Proposed Regulations released by the Treasury on March 4th 2019 dealing with the application of changes made under […]
02/18/2019
All Americans, including expats, have been required to file US taxes, reporting their worldwide income, since the nineteenth century. It’s only over the last few years though that, due to foreign banks and governments now sharing expats’ financial data with the IRS the federal government has been able to enforce the requirement for expats to […]
02/14/2019
Living abroad is the opportunity of a lifetime, however it can be slightly marred for American expats because they are required to continue filing a US tax return from overseas, reporting their worldwide income. Expats filing in 2019 however will find that form 1040 is new, for the first time in decades. Will new […]
10/25/2018
Expats are the new pioneers, forging out into the unknown on a journey of discovery and unforeseen opportunity. The desire for and ability to not just survive but thrive in new environments makes expats well suited to being entrepreneurs, explaining why millions of American expats choose to start their own business. Americans are more […]
08/02/2018
Many of the around 9 million Americans living abroad are entrepreneurs, freelancers, and business owners. Those who travel between countries, working from high speed internet hubs rather than having a permanent home, are known as Digital Nomads. All Americans are required to file US taxes, wherever in the world they may be. While they always […]
06/07/2018
The Trump Tax Reform brought significant changes for many expats with a foreign registered businesses. Previously, a foreign registered corporation owned by Americans could leave its profits in the business to avoid paying US taxes on them. This led to giant corporations such as Apple having billions of untaxed profits sitting offshore though. To remedy […]
05/31/2018
US expats are required to file US taxes from abroad, reporting their worldwide income, just like Americans living in the US. Many expats believe that either a tax treaty or their income level may mean that they don’t have to file. Unfortunately though, all American citizens and green card holders who earn over $10,000 (or […]