09/20/2016
1 – ‘Different’ attitudes towards customer service In the States, the customer is King (or Queen). And that’s how it should be of course. If someone wants your business, they should be very nice to you, otherwise you’ll take your business elsewhere. For some reason though, in many other countries shopkeepers and customer service representatives […]
09/13/2016
What is FATCA? FATCA, or the Foreign Account Tax Compliance Act, is a law introduced in 2010 to help prevent offshore tax evasion that requires foreign financial institutions to report their American account holders to the IRS, including contact details and account balances, and Americans with assets abroad that meet certain requirements to report them […]
09/02/2016
The Bright!Tax Awards Committee is pleased to announce that Kersey Schott has been awarded the most recent Bright!Tax Global Scholar award. Kersey is a postgraduate student taking a Masters in European Studies at the University of Leipzig, Germany. She previously completed her undergraduate degree at Ohio State University, where she graduated Cum Laude. Kersey, who […]
08/30/2016
The US is the only developed country in the world that taxes foreign-sourced income of non-residents. This means that US citizens (including so-called ‘Accidental Americans‘) who meet certain minimum income thresholds still have to file a US federal income tax return to declare their worldwide income if they live or earn abroad. Many Americans living abroad will […]
08/23/2016
US expats need to file US taxes no matter where they live. Moreover, the IRS plans to spend a large part of its $80 billion budget increase on enforcement, meaning fewer taxpayers will slip through the cracks, and increased frustration for expat taxpayers is likely on the horizon. Fortunately, there may be an IRS amnesty program […]
08/16/2016
1. Should I stay or should I go? The first dilemma all aspiring expats face is whether to move abroad at all. It’s easier not to of course, and from the comfort of our home country the risks can seem to outweigh the benefits. In practice though, the benefits will almost certainly provide overwhelming justification […]
08/09/2016
The US is the only developed nation that taxes based on citizenship rather than residence. This means that all American citizens and green card holders, including people who are entitled to US citizenship but have never claimed it (through a parent being American perhaps, or through having been born in the States then moved abroad […]
08/02/2016
FATCA, the Foreign Account Tax Compliance Act, was a law passed in 2010 as part of a federal post-2008 financial crisis drive to crack down on tax cheats hiding their money abroad. An unintended consequence though has been the government both snooping on and increasing the tax burden on the estimated 9 million ordinary Americans […]
07/26/2016
An estimated nine millions Americans live abroad, including military personnel and federal employees, making US expats theoretically the eleventh largest State by population. Turnout among expats for the 2012 presidential election was incredibly low though. With expats very much on the front line in terms of shaping and experiencing foreign perceptions of the US […]
07/19/2016
Many Americans living abroad aren’t aware that they have US tax filing requirements. As expats, they assume that they don’t have to file a US federal (or State) return, or pay US taxes. Expats who assume this are mistaken though, and may soon face IRS audits and fines if they don’t meet their US legal […]