05/14/2018
Book, containing information about all US tax returns filed and taxes paid in 2017. Sifting through the data, one statistic stands out for expats in particular: international US taxpayers are much more likely to be audited compared to Americans living in the States. The figures are stark: overall, around 0.5% of tax returns were audited. […]
05/03/2018
Americans living overseas are required to file US taxes reporting their worldwide income, just the same as if they were living in the States. Filing from abroad has been a requirement for US citizens and green card holders since the Civil War, however it’s only been since FATCA (the 2010 Foreign Account Tax Compliance Act) […]
04/12/2018
Americans living abroad are subject to the same tax filing requirements as Americans living stateside. The requirement for expats to file an annual federal return declaring their worldwide income dates back to the Civil War, however it’s only since 2010 when the Foreign Account tax Compliance Act (FATCA) was passed that the IRS has been […]
03/26/2018
Because the US taxes based on citizenship rather than residence, American expats are still required to file an annual federal tax return declaring their worldwide income, the same as if they were living stateside. Expats may have further filing requirements too if they have foreign assets or bank or investment accounts held at foreign […]
03/22/2018
US expats are unfortunate in that they have to file US taxes on their worldwide income, often besides filing taxes in the country where they live. There are ways to avoid double taxation, such as by claiming IRS exemptions like the Foreign Tax Credit and the Foreign Earned Income Exclusion, or by choosing to live […]
03/16/2018
The IRS has announced the imminent end of the Offshore Voluntary Disclosure Program that allows expats who aren’t compliant with their filing and offshore account and asset reporting to catch up and avoid prosecution. Acting IRS Commissioner David Kautter said: “Taxpayers have had several years to come into compliance with U.S. tax laws under this […]
03/15/2018
President Trump’s campaign promise of tax reform was eventually signed into law as the Tax Jobs and Cuts Act on December 22nd 2017. Some of the changes the Act contains have been well publicized, such as the so called Apple Tax, and lower tax rates. For many, the changes mean planning ahead and making changes […]
02/15/2018
The American tax system is unusual compared to almost every other country in that the US taxes based on citizenship rather than on residence. So while most countries only those people who live in that country, and/or those who have income arising in the country, the US taxes all US citizens (and green card holders) […]
02/05/2018
All Americans, including expats, are required to file US taxes, reporting their worldwide income. Many expats aren’t aware of this though, and when they find out they often feel shocked. The good news though is that while expats still have to file, there are several ways that they can reduce their federal taxes, often to […]
01/29/2018
Living abroad can be an exciting adventure, filled with new cultures, experiences, and stories to tell to your grandkids. But when tax season rolls around, that excitement can quickly turn into a cold sweat. US expats face unique tax filing challenges, and navigating the complexities on your own can feel like deciphering ancient hieroglyphics, which […]