03/01/2023
Do you want to marvel at Santorini’s whitewashed homes and blue seas, hike in the Swiss Alps, or savor the creamy taste of a genuine Florentine gelato? Of course you do. However, 2023 is bringing a key change for Americans seeking a European escape: The entry requirement for many foreigners traveling to the EU is […]
02/25/2023
As a US expat living abroad, you already know that the tax code is continuously changing. So, it’s no surprise that expat tax changes in 2023 require a deep dive. That’s where we come in! Although the 2023 tax season just opened (so, tax returns for 2022 are being filed this year), the IRS has […]
01/30/2023
Every year, the IRS publishes an Annual Report. This report functions as a report card of sorts, dutifully noting its accomplishments and challenges. In 2022, the IRS collected over $4.9 trillion in gross revenue to fund much of the federal government. These funds go to supporting federal infrastructures, including our national parks, air traffic control, […]
09/13/2022
Access to higher education in the US isn’t cheap. According to recent data, over 45 million Americans have student loan debt, which adds to nearly $1.75 trillion in total debt across the country. In an effort to reduce Americans’ financial burden (especially as the US is still experiencing high inflation), the Biden administration announced its […]
08/31/2022
Inflation feels like an inescapable topic of discussion recently. In response, lawmakers have championed a new law called the Inflation Reduction Act aimed at not only addressing inflation but also touching on areas such as healthcare, climate, etc. One portion of the bill, in particular, has sparked a flurry of concern, however – specifically how […]
08/25/2022
It’s not often the IRS offers taxpayers a break. Since COVID, however, the IRS has rolled out a series of relief initiatives, including extended filing deadlines and stimulus payments. Wednesday, August 24th, the IRS announced the latest round of updates – focused on penalty relief for filers of 2019 & 2020 US tax returns, as […]
08/05/2022
Last updated on January 26, 2023 If you work as a freelancer, independent contractor, gig worker, or are otherwise self-employed, the phrase “1099 form” is almost certainly familiar to you. That’s because any client from whom you’ve received at least $600 is obligated to send you a 1099-NEC, a tax form that is used to […]
07/12/2022
COVID-19 shook the world – and many governmental processes, such as managing tax returns, were disrupted as a result. During last year’s US tax filing season, hundreds of thousands of taxpayers experienced delays in refunds, due to IRS staffing issues and pandemic-related slowdowns. In January of this year, the IRS warned taxpayers to file early […]
07/01/2022
Big changes in tax regulations are coming for US expats who file their tax returns overseas. On June 21, 2022, the US Supreme Court decided to review the case of Bittner v. United States to determine how it would impose FBAR penalties. In this article, we’ll give you a brief overview of what the FBAR […]
06/15/2022
Say what? According to an audit by the Treasury Inspector General for Tax Administration (TIGTA), the IRS destroyed over 30 million paper-filed return documents in March 2021. The news generated quite a lot of controversy among the tax community and members of Congress. In this blog post, we’ll cover why the IRS burned these 30 […]