02/22/2018
Bitcoin has been dominating headlines over the last few months, as it’s value has risen and fallen, and many questions still linger over its viability as a currency and its value as an asset going forward. For many expats though, Bitcoin has been simply a useful way of getting paid across borders, while others have […]
02/08/2018
The US has a citizenship based taxation system, meaning all US citizens (as well as green card holders) are required to file US taxes, wherever in the world they may reside. This means American expats may find themselves having to file both US taxes as well as foreign taxes in the country where they live. […]
01/08/2018
Americans living abroad are required to file a US tax return the same as if they lived in the US, reporting their worldwide income. Fortunately, there are several IRS exemptions such as the Foreign Earned Income Exclusion and the Foreign Tax Credit that they can claim that prevent most expats from paying US tax (although […]
12/14/2017
Bitcoin has been in the news over the last few weeks, thanks to its soaring value. Many expats were early adopters and investers in Bitcoin, recognizing its international nature and convenience for cross-boarder transactions. With the recent media attention though, many expats are now seeking a definitive explanation of the IRS tax implications of being […]
11/06/2017
President Trump’s former campaign manager Paul Manafort, along with his associate Richard Gates, were indicted this week, with a long list of criminal charges filed against them. The charges include engaging in conspiracies against the United States and to launder money, making false statements, acting as an unregistered foreign agent, and failing to report foreign […]
10/09/2017
Americans living abroad still have to file a US tax return declaring their worldwide income, as well as meeting their host country tax rules. The good news is that there are several IRS exemptions, notably the Foreign Tax Credit and the Foreign Earned Income Exclusion, that help expats avoid double taxation, and that can be […]
07/06/2017
Americans living abroad are still required to file a US tax return, and furthermore they may have to report their foreign bank and investment accounts by filing a Foreign Bank Account Report, or FBAR. Due to the 2010 Foreign Account Tax Compliance Act (FATCA), most foreign banks and other financial firms are now reporting their […]
06/08/2017
The US tax system is different to every other developed country’s, in that America taxes based on citizenship rather than on residence. That means that whereas most countries only tax residents (and non-residents who have income arising in the country), the US taxes all US citizens wherever in the world they live. This means that […]
05/04/2017
All American citizens (including anyone with the right to American citizenship) and green card holders are required to file a US tax return every year and declare their worldwide income, wherever in the world they live. This reporting obligation includes expats, who furthermore may also have to report their foreign bank accounts. Who has to […]
04/06/2017
FBAR is an acronym for Foreign Bank Account Report. FBARS are one of the extra filing requirements many US expats face each year. But what exactly are they, who has to file them, and what does filing an FBAR involve? A bit of history Designed to help prevent money laundering, the 1970 Bank Secrecy Act […]