04/22/2021
Over nine million US citizens are living abroad, including US military and diplomatic staff. According to US law, all of them who meet minimum IRS income requirements have to file a US tax return every year, reporting their worldwide income. Neither international tax treaties, nor where their income is sourced, nor whether US citizens living […]
04/19/2021
Many American expats assume that living abroad, or perhaps a tax treaty, exempts them from filing US taxes from overseas, so they are surprised to discover that the US requires all American citizens and Green Card Holders to report their worldwide income and that they still have to file. Many expats realize this after already […]
04/15/2021
Whether you’re an expat who owns and runs a foreign business or just holds shares in one, it’s important to understand the tax implications. After all, US taxes work differently for foreign businesses than for domestic ones. Unfortunately, they can be fairly complex — like taxes on controlled foreign corporations (CFCs) and passive foreign investment […]
04/12/2021
One of the long-term legacies of the Covid pandemic is forecast to be a widespread transition to remote working. Combined with a pent-up appetite for international travel, this is likely to mean that the next couple of years will bring a surge of interest in working remotely from abroad. Whether pursuing a dream to live […]
04/08/2021
Americans living abroad have to file US taxes, reporting all of their worldwide income, regardless where in the world they are or where their income originates or is paid. Many expats struggle to understand this requirement, especially seeing as most other countries only tax residents and income accrued in the country. The US tax system […]
04/05/2021
04/05/2021
The US taxes all American citizens on their worldwide income, including Americans living abroad. For American expats, this requirement to file from overseas can create significant headaches. These include, for many expats: currency conversions, having to file foreign and US taxes and so risking double taxation, and difficulties accessing local banking and other financial services […]
03/30/2021
If you’re about to sell (or are considering selling) a substantial amount in assets, the capital gains tax is likely top of mind. While capital gains taxes can be complex in general, Americans living abroad must take additional factors into account. Failing to weigh the tax implications before carrying out a sale can take a […]
03/29/2021
2021 is set to be another year of change in US taxes, with the Coronavirus pandemic still affecting both government and citizens, and the new administration planning significant law changes. The IRS is investing in a year-long revamp of its IT systems, including Medicare and FATCA (more about FATCA later), as well. In this article, we […]
03/25/2021
On March 17, the Treasury and the IRS announced that the 2021 federal income tax return filing deadline for individuals was being moved back to May 17 for filing 2020 taxes. The new due date is May 17 rather than May 15 because May 15 falls on a Saturday this year. The extension also applies […]