As an expat, FinCEN Form 114 or FBAR is one important form when it comes to tax filing. This form is where you report all of your non-US financial accounts including the highest balance for each of your financial accounts during the year. The complexity of this process occurs once you transfer funds between accounts. […]
These are the questions expats usually ask regarding Social Security. Read through and discover the answers to these questions. For those who worked abroad or retired abroad, what are the important Social Security considerations? Check first if the country where you work or retire has a Social Security Totalization Agreement with the US. If […]
Depending on how long you had your Green Card, IRS may surprise you with additional requirements when you decide to give up on your US citizenship. Being a green card holder means you have the same tax requirements as any other citizens of the USA. Even if you have surrendered your Green Card with the […]
President Trump signed the Tax Reform Act into law last December 22, 2017. Several changes for the rental properties occur. Some of these changes affected tax payers who own real estate. Especially those intended for rental business. Effective January 1, 2018, these changes are already in effect. These changes impact real estate properties in the […]
The H.R. 1 or “Tax Cuts and Jobs Act” has brought great changes in tax rates, policies, credits, and deductions. It will affect all individuals and citizens, both in the US and overseas. Here are some concerns, especially by foreign-based US citizens and companies. Who will be affected? The law states that all US […]
For foreign-based US citizens and residents, returning to their home country in the middle of the year seems like the best option. Aside from avoiding holiday rush, there will be more room for adjustment and relocation. But, does it make a difference when it comes taxes? These are tips to consider while planning to go […]
FIRTPA stands for Foreign Investment in Real Property Tax Act of 1980. FIRTPA has the provision on the disposition of any U.S. real property investment by a foreign person. Real property investments are subject to this act’s income tax withholding. FIRTPA also gives authority to the United States to tax dispositions of real property interests […]
The new tax bill will affect pass-through businesses. These are entities that pay their business taxes through their individual tax returns. Other companies pay at the corporate level. Examples of these entities are sole proprietorships, limited liability companies (LLC), S-corporations, and other partnerships. Sole proprietorship businesses are the simplest forms of business entities. A partnership […]
Non-US workers living in the United States may face the following issues during tax filing. US Residency Issues For tax purposes, you have to be considered a US citizen. As a non-US worker, how do you know if the number of days you spent in the US qualifies you as a resident? The substantial presence […]
There are two classifications of the offshore programs under IRS. These two programs – the Streamlined Foreign Offshore Program (SFOP) and the Streamlined Domestic Offshore Program (SDOP) available to US expats when it comes to filing of tax. The two programs differ in the requirements and in the penalties attached to them. The Key Difference […]
