02/08/2016
Hidden deep within the proposed 2016 Federal Budget is a clause that seeks to bring some relief to so-called Accidental Americans. Accidental Americans are people who don’t know that they are American citizens, or who didn’t know before adulthood. They typically fall into one of two groups: people who were born in the US to […]
02/08/2016
A lot has been written in the media about the effects that FATCA and FBAR requirements and the necessity of filing US taxes have had on expats, ranging from bewilderment and frustration at the extra paperwork and perceived government overreach, to individuals being denied opening or keeping local bank accounts, and individuals being unable to […]
02/08/2016
Living abroad can and should be one of life’s great adventures, however for Americans federal tax requirements become more complex once you are living outside the US, and in some cases a lot more, depending on your particular situation. Alongside US federal obligations, Americans who are residents in another country will also probably have parallel […]
02/08/2016
FATCA (the Foreign Account Tax Compliance Act), made law in 2010, compels US citizens and green card holders to declare their foreign bank accounts, earnings and assets to the IRS each year. It also compels foreign banks and financial institutions that want to do business with the US (so basically all of them) to declare […]
02/08/2016
Hidden inside a highway funding bill that Congress is expected to pass later this month, is a measure that will give the State Department the ability to revoke the passports (or deny their renewal) of people who are behind on their taxes, the Wall Street Journal recently reported. The new law will affect people who […]
02/08/2016
US citizens and green card holders who earn over $10,000 (or $400 from self-employment) are obliged to file a federal income tax return wherever they live. If they are resident in another country, they have to file a return there too. In both cases, penalties can be harsh for not filing, so it’s important to […]
02/08/2016
One – Know your responsibilities and filing dates If you’re a US citizen or green card holder earning over $10,000 a year (or $400 from self-employment), even if you’re living abroad, you have to declare your worldwide income, savings, and assets and you might need to pay taxes to Uncle Sam. Any tax due must […]
02/06/2016
Working and living overseas is an adventure that few Americans get to enjoy. An estimated 6.3 million worked abroad in 2012 – many lived in exotic places, immersing themselves in a new culture often very different from that of the United States. But one obligation shared by U.S. citizens everywhere is the requirement to file […]
02/05/2016
In the 102 years since the US first introduced income tax, the tax code has ‘blossomed’ from 400 pages to … 75,000. It was during the Second World War that the code first really ballooned, from 504 pages in 1939 to 8,200 in 1945. This was attributed to the complexity of funding the war effort. […]
02/05/2016
Find The IRS Before They Find You. This is the last US tax filing season for American expats to become current with the IRS before new laws come into play that will reveal your identity, location and foreign accounts to the US government. Now is the last best chance for Americans living abroad to become […]