Covered Expatriates and the Exit Tax
The Heroes Earnings Assistance and Relief Tax Act of 2008 (the “HEART Act”) dramatically changed the tax consequences associated with renouncing U.S. citizenship in two important ways. The more…
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Failure to Read the FBAR Instructions
As this year’s tax season forges ahead and filing deadlines quickly approach, we’d like to remind our readers about the importance of getting your taxes done right. This is especially relevant for…
Read MoreBusiness Entities Now Required to File FATCA Form 8938
Are you a U.S. citizen that conducts business overseas through one or more domestic entities, such as a U.S. corporation or partnership? If so, you (or more specifically, the entities that you own)…
Read MoreTime Extended to Certify Accounts
The IRS published guidance this past week that extends the time for certain foreign financial institutions, including banks, to certify which of their accounts opened prior to the enactment of FATCA…
Read MoreMost U.S. Expats Do Not File Correct U.S. Tax Returns
For most U.S. citizens living abroad, life is pretty good – at least that’s what the latest statistics are telling us. In a 2015 survey of thousands of expats worldwide, a whopping 81% responded that…
Read MoreTax Changes Coming in 2016: What U.S. Expats Need to Know
While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as they enter the 2016 tax year.
Read MoreThe US Signed CAAs with Australia and the UK
On September 24th, the IRS announced that the United States had signed competent authority arrangements (“CAAs”) with Australia and the United Kingdom in furtherance of previously signed…
Read MoreFiling After the October 15 Deadline
If you are an American living abroad, you may have taken advantage of the automatic 6-month tax filing extension by filing Form 4868 by the original due date of your return (April or June15). If so…
Read MoreFailed to Report to the IRS?
U.S.-resident taxpayers who own all or part of a foreign corporation or trust may be required to attach certain international information forms, such as the Form 5471 or 3520, to their federal income…
Read MoreTo Streamline or Not to Streamline
Currently, an estimated 8.7 million U.S. citizens are living abroad. (1) A growing number of these expats have begun to realize that their U.S. tax obligations did not end upon their change in…
Read MoreThe Role of Residency in the Streamlined Procedures
As a U.S. expat, you may have heard about the latest and greatest IRS amnesty program available for delinquent U.S. taxpayers known as the “streamlined procedures.” What you may not know is that if…
Read MoreSolutions for Delinquent Taxpayers
If you are a U.S. citizen living abroad, here’s the good news – you actually belong to a group that fares significantly better financially than your counterparts still living in the United States.…
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