06/10/2021
At a summit on Saturday June 4 2021, the G7 group of countries agreed to establish a global minimum corporate tax rate, as well as a common way to tax the biggest international digital services companies. Background In the digital age, companies can sell services online in other countries without having a physical presence there. […]
06/07/2021
With the June 15 expat tax filing deadline just a week away now, what do Americans living abroad need to know – and do? US tax filing requirements for Americans living abroad Unlike most other countries, the US runs a citizenship based taxation system, which means that it requires all US citizens (and Green Card […]
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 […]
05/27/2021
On May 20, the US Treasury released a proposal called the American Families Plan, which contains increased spending on childcare and education. The plan also contains an extensive Tax Compliance Agenda to help raise additional revenues to pay for the new measures at a time of unprecedented high levels of national spending and debt. At […]
05/24/2021
A mutual fund is a financial vehicle that allows a group of investors to pool their money to invest in stocks, bonds, and other funds. The advantage of investing in a mutual fund is that by pooling you obtain the benefits of larger investors, such as diversifying your investments and paying lower fees for expert […]
05/22/2021
AARO, US tax attorney Monte Silver, and Bright!Tax invite you to a webinar covering updates for filing in 2021 for both individuals and business owners. The webinar will also cover Covid relief, the new Child Tax Credit, and expected changes to the tax law this year such as estate tax and corporate/GILTI tax rates. The webinar is for American citizens […]
05/19/2021
Since the 2017 Tax Cuts and Jobs Act, American Expat parents can potentially take advantage of two US Child Tax Credits, depending on their circumstances: the Child Tax Credit, and the Child and Dependent Care Credit. In this article we outline when and how they can be used, and what conditions need to be fulfilled […]
05/17/2021
The US tax system is unusual, in that the US taxes based on citizenship rather than residence. This means that all US citizens have to file US taxes on their worldwide income, even if they have to file foreign taxes too. This includes Americans living abroad, who have the same annual US filing and reporting […]
05/13/2021
Americans who move overseas have to continue filing US taxes from abroad, as the US taxes based on citizenship rather than on residence. This means that many Americans living abroad have to file both foreign taxes in their country of residence, and US taxes too. To avoid double taxation, American expats in this situation can […]
05/10/2021
Tax Day was moved this year for all Americans, due to the impact the pandemic has had on both the IRS and taxpayers. The IRS in particular has been unusually overwhelmed this year, due to distributing stimulus checks, the fact that many IRS staff are still working remotely, and due to having to enact changes created […]