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 […]
06/03/2022
It’s already been 12 years since congress introduced the Foreign Account Tax Compliance Act (FATCA). Whew, time goes fast, doesn’t it? The federal law requires that participating countries report the financial activities of US citizens on their soil. And after an in-depth review of how FATCA has held up, the Treasury Inspector General for Tax […]
05/31/2022
Home is where the heart is, they say. Even as you’re sipping a margarita on the beaches of Cancun or taking those cheesy selfies at the Eiffel tower, sometimes, you just miss the good ol’ US of A. However, if you’ve been living overseas and haven’t returned in a while, you may get some surprises […]
11/24/2021
UPDATE 11/24/21 – The bill has been split into two separate parts, covering infrastructure and spending. The infrastructure spending part was passed on Friday November 10, while the more controversial Build Back Better bill is currently in the Senate. One of President Biden’s first flagship announcements was a multi-trillion dollar infrastructure spending plan due to be financed […]
11/04/2021
The State Department estimates that over 10 million Americans live abroad around the world. The principal motivations that inspire Americans to live abroad are either a career opportunity, or a sense of adventure. Americans who move abroad discover that it can be the experience of a lifetime, as they immerse themselves in another culture, while […]
10/01/2021
Thursday October 7 at 1pm New York / 6pm London / 7pm Paris. Bright!Tax is partnering with the American Magazine to present a webinar on Thursday October 7 2021 about catching up with your U.S. taxes if you’re behind. American citizens and Green Card holders living abroad are required to file a U.S. tax return […]
08/05/2021
Filing US taxes overseas is typically necessary for all Americans who live outside the United States around the world. This is because the US taxes its citizens on their worldwide income, wherever in the world they may live. Unfortunately, international tax treaties don’t mitigate the requirement for American expats to file from overseas, even if […]
06/03/2021
On Friday May 28, the White House sent its fiscal year 2022 budget request to Congress. The headlines are calling it a $6 trillion budget, however the eye-watering $6 trillion figure covers proposed spending for the next decade, rather than just for 2022. Furthermore, the budget contains the two domestic proposals that have already been announced […]