02/03/2026
Big gifts come with a little fine print. If you give more than the annual exclusion to any one person in a year (or make another reportable transfer), Form 709 is the paperwork that keeps score. Here’s the surprise: filing the form doesn’t usually mean paying the federal gift tax. Instead, it’s more like keeping […]
02/02/2026
Winning the lottery feels like the universe just handed you a golden ticket—until the IRS shows up with scissors to take its cut. Whether you cash out in a lump sum payment or spread your jackpot over annual payments, taxes on lottery winnings are unavoidable. Between federal rates (up to 37%) and state rules that […]
02/06/2026
Living abroad comes with plenty of perks: better weather, stronger coffee, and the chance to reinvent yourself at least once a year. But even if you’ve traded New York for Hong Kong or settled into a cozy village in the United Kingdom, one thing still follows you: U.S. taxes. That’s why the right expat tax […]
02/06/2026
If you’ve ever wondered whether you need to file FBAR, Form 8938, or both, you’re not alone. It’s one of the great rites of passage for U.S. expats: realizing that the IRS and FinCEN both want a peek at your foreign accounts—but through entirely different lenses. Both forms exist to catch unreported foreign financial assets, […]
01/30/2026
Renouncing U.S. citizenship is a big step—whether you’re making a fresh start in a foreign country, simplifying your federal tax obligations, or just ready to cut through the paperwork that comes with holding a U.S. passport. But before you go, there’s one last thing to consider: the U.S. exit tax. Designed to tax unrealized gains, the exit […]
01/29/2026
Recognizing the unique sacrifices made by those serving, Congress originally enacted the CZTE back in 1918 as a way to show appreciation and provide tangible support. It’s been a cornerstone of military tax benefits for decades, evolving over time to adapt to changing circumstances. The CZTE is a lifeline for many service members. With the pressures of deployment, from separation from loved ones to the inherent risks of the job, having a tax break offers some ease when it comes to financial burdens.
01/28/2026
Moving to Canada sounds like a dream—until your first grocery run reminds you that avocados can be $2.49 each. In 2026, the cost of living in Canada remains high by global standards, and for Americans making the move, sticker shock is real. From housing to healthcare, utilities to university tuition, Canada’s expenses don’t always align […]
01/27/2026
When it comes to IRS penalties, the FBAR has a reputation for being one of the harshest. Miss it, and suddenly that “forgotten form” feels less like a slip-up and more like a five-figure headache. Here’s the deal: U.S. citizens, green card holders, and certain residents have to report foreign bank and financial accounts over […]
01/26/2026
Getting scammed is one of those experiences you hope will never happen—and yet, it happens to millions of Americans every year. Maybe it’s a too-good-to-be-true investment, a phone call pretending to be the IRS, or an online “friend” who wasn’t who they said they were. However it unfolds, the result is the same: money gone […]
02/06/2026
You took the leap, set up a business abroad, and now you’re living the dream—until tax season rolls around and you hear about Form 5471. Suddenly, the IRS wants details about your foreign corporation, and missing this form could mean steep penalties. If you’re a U.S. shareholder in a foreign business, there’s a good chance you need to file. […]