07/02/2018
Although Form 3520 can be complex, we have plenty of experience with it as a tax firm specializing in US expat taxes. Below, we’ll walk you through who must file Form 3520, how to do so, where to send it, and more.
06/28/2018
US taxes reporting their worldwide income. Perhaps counterintuitively, this includes Americans living abroad, assuming that they are either a US citizen or green card holder and that their income level meets the minimum threshold ($10,000 a year, or just $400 of self-employment income). Since 2016, when FATCA (the 2010 Foreign Account Tax Compliance Act) came […]
06/25/2018
Melbourne, perhaps surprisingly, is the most popular destination for US expats in Australia, with an estimated thirty thousand Americans living there. Melbourne is a thrilling place to live. Its European style architecture, its cuisine and nightlife, the beaches, and the internationalist community all guarantee American expats in Melbourne an unforgettable experience. The only downsides for […]
06/21/2018
Renouncing your United States citizenship, or abandoning your status as a permanent resident, is not a decision to take lightly. While it does absolve you of US tax and reporting obligations, it’s a permanent, irrevocable decision that can pose significant complications — including financial ones. Beyond having to pay an administrative fee of $2,350, certain […]
06/14/2018
US expats have been required to file US taxes since the nineteenth century, however it’s only since the Foreign Account Tax Compliance Act (better known as FATCA) was passed in 2010 that the IRS has had the means to enforce this requirement. FATCA requires US expats with over $200,000 in financial assets held overseas to […]
06/11/2018
Many expats are surprised and sometimes alarmed to learn that they are still required to file US taxes from abroad, reporting their worldwide income. To prevent double taxation, the IRS has put in place several exemptions that expats can claim when they file, such as the Foreign Tax Credit for expats paying taxes abroad, and […]
06/07/2018
The Trump Tax Reform brought significant changes for many expats with a foreign registered businesses. Previously, a foreign registered corporation owned by Americans could leave its profits in the business to avoid paying US taxes on them. This led to giant corporations such as Apple having billions of untaxed profits sitting offshore though. To remedy […]
06/04/2018
Unlike other nationalities, American expats find themselves in an unfortunate situation of having to file a US tax return from abroad declaring their worldwide income every year, often as well as filing a tax return in their host country. To avoid double taxation, the IRS has made available a number of exemptions, such as the […]
05/31/2018
US expats are required to file US taxes from abroad, reporting their worldwide income, just like Americans living in the US. Many expats believe that either a tax treaty or their income level may mean that they don’t have to file. Unfortunately though, all American citizens and green card holders who earn over $10,000 (or […]
05/28/2018
If you’re an American citizen or green card holder, you’re required to file US taxes wherever in the world you live, reporting your worldwide income. The US is almost the only country in the world that requires all of its citizens to file even if they live abroad. This means that US expats often have […]