02/08/2016
Living abroad is for some people a temporary endeavor while for others it is a lifetime adventure, however in all cases – while we’re still US citizens or green card holders – we are liable to pay US federal taxes, and in some cases, state taxes too. To help prevent double taxation, paying tax on […]
02/08/2016
Many of our clients confess to some confusion (or lots!) about whether they have to complete Form 8938, FinCEN Form 114, or both, so we’d like to shed some light on the situation. What are they? IRS Form 8938 is required under the Foreign Account Tax Compliance Act or FATCA for reporting assets held abroad. […]
02/08/2016
Since the FATCA law was passed in 2010, US expats are obliged to declare their foreign earnings and assets, along with their foreign bank accounts. So how should you set about choosing your expat tax preparer? Firstly, go with a specialist. Expat taxes can be convoluted sometimes, especially if there are several years’ worth to […]
02/08/2016
Currently, an estimated nine million Americans are living abroad. The majority have accounts at foreign banks, and many of them are now receiving letters from their banks asking for their US tax identification numbers. Some are also asking their American clients to certify that they are current with their US tax filings. FATCA, the […]
02/08/2016
The Foreign Bank Account Report (known as FBAR) obliges all US citizens and green card holders with foreign bank accounts that contain a total between them of at least US$10,000 at any time throughout the tax year to file a form (114) to the IRS. At the end of last month, President Obama signed into […]
02/08/2016
Expats typically move abroad or a better life, perhaps for love, adventure, work, or retirement. We hope for an enriching experience in another culture, and an improved quality of life. What happens though when our host country experiences a full blown crisis? Journalist, Author and Bright!Tax client Marissa Tejada moved to Athens six years ago […]
02/08/2016
Many young Americans are looking for opportunities abroad The following is an extract from ‘Survey says: 35% of Americans would expatriate’ published on CNBC.com. As sultry summer weekends loom and Americans prep their grills and ready their ongoing outdoor activities, some citizens are packing their bags. A recent online poll of more than 2,000 adults […]
02/08/2016
Lauren and her husband both worked as criminal defense lawyers in Colorado before they decided to move abroad. In 1999, they loaded up their truck and drove south to their new home, Iguana Lodge in Costa Rica, which they have turned into an eco friendly, beach-side, tropical paradise, complete with two restaurants, yoga classes, a […]
02/08/2016
One – Know your responsibilities and filing dates If you’re a US citizen or green card holder earning over $10,000 a year (or $400 from self-employment), even if you’re living abroad, you have to declare your worldwide income, savings, and assets and you might need to pay taxes to Uncle Sam. Any tax due must […]
02/08/2016
Moving abroad is a leap at least into the semi-unknown, however it’s much easier than it used to be. The vast amount of expat related info available online, along with the ability to find and connect with fellow expats, means that moving abroad is easier than ever before. But what are the best online resources […]