06/28/2024
Dual citizens, or dual nationals, are citizens of two different countries. Dual citizenship was prohibited in most countries in the nineteenth and early twentieth centuries, however the United States has allowed Americans to be dual citizens since 1967. Dual nationality is most often acquired either through parentage, or through naturalization (obtaining a second citizenship through […]
10/04/2022
A gift to a foreign spouse (a Nonresident Alien or NRA spouse in IRS speak), can be an effective strategy for Americans living abroad to reduce their US tax bill. Americans living abroad married to a foreign spouse are required to file US taxes on their global income every year. This is true of all […]
02/15/2021
Over 9 million Americans live overseas, and every year the number is growing. Every year however, many Americans move back to the US, too. All American citizens are required to file US taxes, reporting their global income, including Americans living overseas. What happens when Americans move back to the US mid-year though? In this article we […]
12/31/2020
In this article, we’ll look at what is meant by a US Person for US tax purposes. Many US tax rules are applied to all ‘US Persons’, so it’s an important concept to grasp, however the definition is wider than many people assume. US persons can be divided into several categories, covering different types of […]
11/23/2020
It’s an unusual year in multiple ways, and this is also true when it comes to 2020 year-end tax planning. Both the Coronavirus pandemic and the presidential election will affect year-end tax planning for some expats this year. While the pandemic has affected the Foreign Earned Income Exclusion rules, tax changes next year due to […]
12/19/2023
Americans living abroad are required to file a US tax return every year, reporting all of their global income. No other developed nation requires expats to file in this way. American expats often have to file a foreign return too, and understand how the two different tax systems converge. Furthermore, expats are subject to additional […]
11/04/2020
The IRS has announced federal Tax Rates and Brackets, the Standard Deduction amounts, and the Foreign Earned Income Exclusion threshold for US expats for tax year 2021 (so for filing in 2022). The figures for tax year 2020, for filing in 2021, were announced a year ago. The 2021 figures may still change, however, if […]
10/01/2020
This year, while the world has been preoccupied with the Coronavirus pandemic, the IRS has also been quietly increasing its focus on enforcement of Bitcoin and other Cryptocurrencies holders. The IRS sees virtual currencies as an area of potential tax avoidance. In 2019, for the first time in five years (during which time the profile […]
02/28/2024
If you’re a non-US national who lives or works in the US part-time, or if you have US-source income, you may very well need to file a US nonresident alien (“NRA”) income tax return. Filing this return correctly and on time is essential — otherwise, you may face significant fines and penalties. The US tax […]
09/24/2020
The US requires all American Citizens to file US taxes, reporting their global income, wherever in the world they live or receive income. Because many American expats have to file foreign taxes in another country too, the IRS has introduced some provisions that expats can claim when they file to avoid double taxation. The two […]