03/30/2021
Many US citizens living abroad aren’t sure whether they need to file US taxes. In this article we’re going to clear up a few common misconceptions, and provide some strategies for success. Do US citizens living abroad have to file US taxes? Yes. All US citizens, including those living abroad, who earn more than the […]
09/03/2020
In August 2019 the IRS is writing to 10,000 Americans, including expats, who have held or sold Bitcoin or other cryptocurrency holdings over the last few years, informing them that they may owe tax on their holdings. All Americans are required to file a US tax return, including Americans living abroad, reporting their worldwide income. […]
09/03/2020
Last week the UK announced former mayor of London Boris Johnson as the country’s new Prime Minister. Few people know though that new UKPM Mr Johnson was until 2016 an American citizen, and that he renounced his US citizenship to avoid having to file US taxes. Mr Johnson was a US citizen by virtue of having […]
09/02/2020
The underlying principle of the US tax system is that US citizens and Green Card holders are required to file and report their total worldwide income, whether they live in the US or abroad, and wherever in the world their income is earned or sourced. This means that many expats have to file two tax […]
07/15/2024
Last updated April 13, 2023. Picture this: You’re an expat, living abroad and diligently implementing financial strategies that served you well in the US. Suddenly, you learn: there may negative tax implications associated with your foreign investments. As a US taxpayer investing abroad, chances are you’ve never heard of passive Foreign Investment Companies (PFICs) and […]
08/10/2020
What do astronauts and American expats have in common? American expats and astronauts both need the ability, courage and conviction to not just venture out into the unknown, but to succeed and thrive there. Unfortunately, they also share an inability to escape the requirement to file US taxes. The US taxes based on citizenship, meaning […]
09/03/2020
The new 2018 IRS Tax Book has confirmed that the IRS continued the trend of auditing a much higher proportion of international tax returns then domestic ones in 2018. While a total of 0.6% of all individual federal income tax returns were audited during the year, the figure for international returns is nearly six times the […]
09/03/2020
Under the 2015 Protecting Americans from Tax Hikes (PATH) Act, the IRS is required to certify to the State Department any taxpayer who owes at least $52,000 (the figure is adjusted for inflation annually) in back taxes. The State Department then blocks any application from that person to receive or renew a new US passport. US filing […]
07/18/2020
Archie Harrison Mountbatten-Windsor was born to parents Prince Harry of England and Princess Meghan Markle this week. The baby prince is currently seventh in line to the British throne. But is he British or American (or both), and if he’s American, will he have to pay US taxes? Citizenship based taxation The US has an […]
09/03/2020
American expats are required to file a US tax return each year, reporting their worldwide income. Expats may also have to report their foreign businesses, assets, and financial accounts, depending on factors including their types and values. When expats file, they can normally claim one or more IRS exemptions or tax credits that reduce their […]