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
US mutual funds are a popular investment vehicle stateside and are frequently recommended as an affordable and convenient way to diversify investment portfolios. With that commonplace advice in mind, many expats consider investing in mutual funds based outside the US. Investing in foreign mutual funds, however, isn’t quite as straightforward as investing in a US-based […]
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 […]
05/17/2021
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
Form 1118 is notoriously complex.
In fact, the IRS estimates that it takes about 25 hours to complete. Fortunately, as a US expat-specific tax firm, we’re familiar with Form 1118 and here to walk you through it: what it is, who should file it, how to complete it, and more.
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 […]
05/06/2021
The IRS got off to a slow start to 2021, with a late announcement of a late start to tax season, and the pattern has continued since. The reasons are perhaps understandable, in that there have been two new rounds of stimulus checks to distribute at short notice, and continued disruption due to the pandemic. […]
04/29/2021
Without the right tax strategy in place, double taxation is a real possibility for US expats. That’s because the US is among a handful of countries that charges tax based on citizenship, rather than residence. Fortunately, expats can use the Foreign Tax Credit, among other legislated initiatives, to eliminate the prospect of paying tax twice. […]
04/26/2021
Bright!Tax is proud to be participating in a free-to-attend webinar for Americans living overseas hosted by The American magazine and covering US expat tax filing updates in 2021. American Citizens Abroad (ACA) legal council Charles Bruce will also be participating to provide an update on ACA’s work in Washington on behalf of expats. The webinar […]