10/07/2025
If you have a stake in a foreign partnership, you might have a new tax form on your hands: Form 8865. The Internal Revenue Service (IRS) requires certain U.S. citizens with foreign partnership interests to report their share of income, losses, and transactions. While it might not be the most exciting part of managing a business abroad, filing correctly is essential—missing it can […]
10/07/2025
When Americans move abroad, they are usually more focused on the adventure ahead than on getting to grips with US tax rules for expats. In fact, many assume that their foreign income is tax exempt. It’s counter-intuitive, in a way, that US expats are required to file US taxes from abroad, declaring their worldwide income. […]
10/07/2025
American expats are unfortunate in having to continue filing US taxes from abroad, often as well as filing a tax return in the country where they reside. Filing US taxes from abroad is more complex than filing from within the US though. For example, there are normally more forms to file, and there are also […]
10/07/2025
Bright!Tax, the leading US expat tax services provider, established its Global Scholar Program in 2016 to help young Americans have the opportunity to study overseas. Awarded biannually, the program has since provided four exceptional young Americans with the opportunity to study abroad. Now, Colorado resident Addison Noel has become the fifth Bright!Tax Global Scholar, and […]
10/07/2025
If you’re investing internationally, you might not realize that some foreign assets come with extra IRS reporting requirements. Enter Form 8621—the form U.S. taxpayers must file when they own Passive Foreign Investment Companies (PFICs). PFICs can include foreign mutual funds, ETFs, and even certain foreign corporations. The IRS keeps a close watch on these investments, and failing […]
10/07/2025
Renouncing U.S. citizenship is a big step—whether you’re making a fresh start in a foreign country, simplifying your federal tax obligations, or just ready to cut through the paperwork that comes with holding a U.S. passport. But before you go, there’s one last thing to consider: the U.S. exit tax. Designed to tax unrealized gains, the exit […]
10/07/2025
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. […]
10/07/2025
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 […]
10/07/2025
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 […]
10/07/2025
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 […]