May 2024 - Monthly Newsletter
In this month's newsletter, we share some great news about our firm! We've been shortlisted for an Americas EMMA Award!
Key Upcoming Federal Filing Due Dates:
June 17, 2024 - Initial deadline for taxpayers living outside the U.S. to their file federal income tax return, unless an extension request is filed.
Please note that June 17th is a filing deadline. The deadline for the payment of tax, if due, was April 15th.
EMMA Award Shortlist!
We're on the Shortlist!
We are immensely proud to announce that Expat Tax Professionals has been shortlisted for an FEM Americas EMMA Award in the category of:
"Best Banking, Tax or Financial Services Provider of the Year"
The Americas Expatriate Management & Mobility Awards (EMMAs) are arranged by the Forum for Expat Management (FEM), the worldwide global mobility and expat services community hub, which honors excellence in the expat management and global mobility industries.
Our Firm Approach
In our submission to the committee, we emphasized that the unique combination of our top-level expertise and in-house CPAs and tax attorneys, our affordable and convenient process, and our singular focus on expat tax issues, are what set us apart.
This past year, in particular, our firm successfully embarked on significantly expanding our tax advisory service offers, in order to meet the increasing need amongst expats for both tax compliance and consulting services. Many of our thousands of current clients, as well as new clients, have chosen our new bundled service, which covers both tax filings and year-round advisory assistance.
Chief among the issues we regularly advise on are cross-border structuring, trust and estate tax management, cross-border pension management, expatriation counseling, migration tax planning, tax residency, treaty analysis, and more. Together with our trusted colleagues in partner firms, we’ve expanded our capabilities even further, to include tax-sensitive financial and wealth planning, and coordination with respect to local tax authorities and local tax returns.
Our Core Beliefs
We’ve held strong to the belief that expats, and particularly those with more sophisticated profiles, are best serviced by a holistic approach, which takes into account not only technical filing obligations, but also real-life practical issues and challenges faced by U.S. citizens living and working abroad. This belief meets perfectly with our firm profile, as we’ve been focusing on expat taxes for our entire careers and have honed our craft to become leaders in this area.
Now in our twelfth year, our firm has honed our approach based on a key lesson that was evident from the start but only became fully appreciated upon experiencing the longer-term impact of our business model. A person cannot be summed up in a tax return. A human being cannot be fully captured in a form or in a document. Each individual has a unique story to tell which, in turn, gives each individual a unique tax profile.
Our clients know that we are a trusted partner with visionary leadership, providing unrivaled, highly personalized tax compliance and consulting services for expat individuals and companies with interests in the U.S. and abroad.
This month's expat tax blogs.
- Circuit Court Reverses Taxpayer-Friendly Decision on Form 5471 Penalties (May 20, 2024) – In this week’s blog, we review the D.C. Circuits Court’s reversal of the Farhy decision, a surprising case from last year holding that the IRS lacks the statutory authority to assess certain international return penalties.
- US EXPAT TAXATION OF ALIMONY PAYMENTS (Apr 17, 2024) – In this week’s blog, we review the U.S. tax rules relating to the payment of alimony, both from a domestic law and a treaty law perspective.
- CASE REVIEW – COURT CONSIDERS IF TREATY NONRESIDENT HAS FBAR REQUIREMENT (Mar 20, 2024) – The U.S. District Court for the Southern District of California tackled the issue of whether a taxpayer is required to file an FBAR if he has the status of a non-US tax resident by virtue of the tie-breaker provisions of a tax treaty.