03/31/2025
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. […]
11/11/2021
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 […]
08/06/2024
Wondering who exactly needs to file this form, how to do it, and why it matters? We’ll answer all of these questions and more below.
02/03/2025
FBAR late-filing penalties can quickly accumulate when you’re a US expat. Officially known as the Foreign Bank Account Report, this administrative form is a common source of frustration for US expats for numerous reasons. Firstly, it’s often difficult to find detailed but digestible information on the topic, including whether or not you need to file […]
07/06/2021
Since the nineteenth century, the US has required all American citizens to file a US tax return, reporting their worldwide income, even if they live abroad. This leaves American expats around the world exposed to the possibility of double taxation, having to file taxes both to the US and in the country where they live. […]
08/08/2021
The IRS Streamlined Procedure was introduced in its current form in mid-2014. As the IRS stepped up its enforcement of America’s citizenship-based taxation system, which requires all US citizens (and green card holders) to file US taxes on their worldwide income wherever in the world they live, it also realized that it needed a way […]
06/24/2021
The Bright!Tax Awards Committee is proud to announce that Calev Isaacson is the latest recipient of the Global Scholar Award. The Awards Committee found Calev’s story and ambitions inspirational. He grew up in Arizona, where his father’s family had emigrated to from war-torn Europe in the 1940s. His mother’s family meanwhile were originally Mexican. Calev […]
01/29/2025
Retirement abroad is more popular than ever, as the world has become more connected online, making managing finances and keeping in touch with family and friends from abroad easier. The desire to travel meanwhile has been amplified by the pandemic. The top considerations when considering where to retire overseas are cost of living, healthcare, quality […]
01/31/2025
When you embark on the adventure of living abroad, you open yourself up to exciting experiences, diverse cultures, and tantalizing cuisines. However, if you’ve decided to pursue a side gig or fully embrace self-employment during your overseas journey, navigating your tax obligations becomes a bit more intricate. As a self-employed expat, understanding your income, tax […]
06/15/2021
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. […]