02/05/2016
“FATCA was created in part because of the fear of the United States government that the globalization of finance would give far more people the opportunity to hide their money. It was becoming very clear that it wasn’t going to be just the very wealthy, but that it could really be the middle class and […]
02/05/2016
American expats can live incredible lives, and often have incredible stories to tell. Kristen Evelyn Rossi is a jazz singer on a mission to spread the Golden Age of Broadway / Jazz throughout Asia. The following is an excerpt from ‘Falling in Love at the Metropole Hanoi’ in Global Living Magazine. Born on Long Island, […]
02/05/2016
As they crisscross the globe, IRS rules require expat American pilots to record exactly how long they’re flying over the U.S., foreign countries and international waters. Once they land, the pilots have to track exactly when they’re working, and when they’re off the clock. Here’s why: If they ever face an IRS audit, the pilots […]
02/05/2016
One – Mexican Food The only country on earth that can do Mexican food as well as the US, is… Mexico. And the further away you go, the worse it gets, if you can find it at all. Say goodbye to those huge, delicious burritos, endless tortilla chips, and fresh, fragrant salsas: the nearest things […]
02/05/2016
Recently the FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) filing requirements have generated quite a bit of controversy, as they pertain to the recent IRS crackdown on financial assets in overseas accounts. FATCA in particular has caused some uproar since going into effect in March 2010, as foreign financial institutions […]
02/05/2016
Expat Briefing – Major changes to the Internal Revenue Service’s offshore voluntary compliance program have been welcomed by American Citizens Abroad. The program is offered to overseas American citizens that have not deliberately failed to abide by their tax obligations. ACA said that the changes, effective from July 1, 2014, demonstrate that the IRS has […]
02/05/2016
America; land of the free, home of the brave. For years the US has been seen as the land of opportunity, the country where dreams come true. But for how much longer? There are an estimated 7 million Americans living abroad and the number is only increasing — over 150,000 Americans departed the country last […]
02/05/2016
In the 102 years since the US first introduced income tax, the tax code has ‘blossomed’ from 400 pages to … 75,000. It was during the Second World War that the code first really ballooned, from 504 pages in 1939 to 8,200 in 1945. This was attributed to the complexity of funding the war effort. […]
02/05/2016
Find The IRS Before They Find You. This is the last US tax filing season for American expats to become current with the IRS before new laws come into play that will reveal your identity, location and foreign accounts to the US government. Now is the last best chance for Americans living abroad to become […]
02/05/2016
If you have a bank account anywhere outside the US, starting in 2015, chances are you will receive a letter saying that your bank must hand over the details of any American accounts, including yours. The letters vary with the country and with individual institutions. But the overall message is that the IRS is about […]