02/04/2021
US citizens are required to report their worldwide income to the IRS by filing a federal tax return each year, regardless of whether they live in the US or abroad, whether they are paying foreign taxes or not, or whether they live in a country which has a tax treaty with the US or not. […]
07/20/2020
America has an unusual tax system, as it’s based on citizenship rather than residence. This means that all US citizens (and green card holders) are required to file US taxes, whether they live in the US or abroad. Nine million Americans are currently living abroad, however many of them aren’t aware of the requirement for […]
09/03/2020
All American citizens and green card holders whose annual income exceeds $10,000, or just $400 of self-employment income, are required to file a US tax return every year reporting their worldwide income. Unlike most other countries, the US tax system doesn’t recognize Americans who live abroad as being any different to those who live stateside, […]
07/20/2020
Thanks to Germany’s consistently strong economy, Frankfurt is one of the most popular European cities for US expats, with tens of thousands Americans living there. Frankfurt is a great place to live. Its culture and nightlife, cuisine, high-quality public services, and great access to the rest of Germany (and indeed the rest of Europe) together […]
07/20/2020
Americans living abroad are subject to the same tax filing requirements as Americans living stateside. The requirement for expats to file an annual federal return declaring their worldwide income dates back to the Civil War, however it’s only since 2010 when the Foreign Account tax Compliance Act (FATCA) was passed that the IRS has been […]
09/03/2020
Trump’s 2016 election campaign promised tax reform, and in December 2017, after just under a year in office, he delivered on his campaign promise by signing into law the Tax Cuts and Jobs Act. The bill was written and passed quickly, and as any tax cuts had to be funded by other measures, many people’s […]
09/03/2020
Bright!Tax is immensely proud to announce that we’ve been named as a finalist for the 2018 FEM Americas EMMA awards in two categories: Expat Tax Provider of the Year, and Expatriate Banking and Financial Services Innovation. The Forum for Expatriate Management (FEM) inspires, informs and unites the Global Mobility community … … via an online […]
09/05/2020
President Trump’s campaign promise of tax reform was eventually signed into law as the Tax Jobs and Cuts Act on December 22nd 2017. Some of the changes the Act contains have been well publicized, such as the so called Apple Tax, and lower tax rates. For many, the changes mean planning ahead and making changes […]
09/03/2020
US expats are required to file US taxes, reporting their worldwide income, regardless of the fact that they live abroad. Many expats are also required to file taxes in the country where they live, too, raising the possibility of double taxation on the same income. To avoid this scenario, the IRS has put in place […]
07/20/2020
The Foreign Account Tax Compliance Act (FATCA) was signed into law in 2010 with the aim of cracking down on tax evasion to increase tax revenue following the financial crisis. FATCA contained two important measures that affect expats, a reporting requirement for expats who have financial assets abroad, and a reporting requirement for foreign banks […]