08/16/2021
There are an estimated 105,000 Americans living in Australia. Australia is an incredible place to live for a variety of reasons – the laid back culture, the warm climate, and the beaches to name just three. As an American expatriate living in Australia though, what exactly do you need to know regarding filing US expat […]
08/13/2021
Americans living overseas are often surprised or even shocked to learn that they should have been filing US taxes since they moved abroad. They may have believed that they are protected by a tax treaty, or that because they aren’t a US-resident or because they file foreign taxes abroad, they don’t have to file US […]
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 […]
08/02/2021
The US tax system is different to other countries, firstly because it is citizenship-based rather than residence-based, and secondly because the US has global financial reach. Being citizenship-based means that all US citizens and Green Card holders have to file a US tax return every year, and report their total global income, no matter where […]
08/02/2021
Americans who have a business registered abroad must report it to the RS every year when they file their US taxes. Businesses registered abroad aren’t automatically classified in the same way as businesses registered in the States, and unless expats classify their business electively, they may find themselves with an unexpected IRS corporation tax bill. […]
07/29/2021
Bright!Tax CDO, partner, and Senior Managing CPA Allyson Lindsey has been recognized for her extraordinary contribution to the accounting profession by being named a Colorado Society of CPAs (COCPA) 2021 Women to Watch Emerging Leader. The award will be presented to Mrs. Lindsey at the 2021 Women to Watch Awards, part of the 2021 Women’s […]
07/26/2021
Expats are most often adventurous and independent-minded – the same character traits that make great entrepreneurs. So it’s no surprise really that many expats choose to start their own business abroad. The first choices that expats face when starting a foreign company is what legal structure their new foreign entity should have, and where to […]
07/22/2021
The Foreign Housing Exclusion allows American expats to deduct reasonable housing expenses from their taxable earned income. The Foreign Housing Exclusion is granted in conjunction with the Foreign Earned Income Exclusion, but neither are granted automatically: you have to apply for them and file form 2555 with your annual return. The Foreign Housing Exclusion is […]
07/15/2021
US expats who receive income from investments may have to pay an additional US tax called Net Investment Income Tax, or NIIT. The amount of the NIIT is calculated on Form 8960. What is NIIT? NIIT is an additional US income tax applied to whichever is smaller of your net investment income or your Modified Adjusted […]
07/08/2021
What are the possible consequences for Americans with foreign bank accounts who haven’t filed an FBAR? In this article, we take a closer look. What is it? FBAR is an acronym for the Foreign Bank Account Report. It is a reporting requirement for Americans with offshore financial accounts. It was introduced as part of the […]