Unintentional failure to disclose foreign assets or foreign income such as offshore bank accounts may put US taxpayers in a dilemma. The traditional offshore voluntary disclosure programs (OVDPs) come with a negativism as they often place strict compliance and consequences for such unintentional behavior. Relief is offered by the new “streamlined” procedures announced by the […]
Have you been excessively worrying about arduous US tax filing laws that you have to abide by? Worrying is not going to help you solve your problem. You should get into active mode and start thinking about solving the problem of your international income being subjected to Expat tax. Although the new tax filing requirements […]
Whether you are a US citizen, a Resident Alien or an American Expatriate (Expat), there is no escaping tax. Since tax payment constitutes a major portion of your expenses and with the introduction of new tax filing forms requirements imposed by the Foreign Account Tax Compliance Act (FACTA), taking steps to ensure tax savings is […]
In addition to providing reasonably comprehensive tax information for American Expats, we seek to provide the best resources for US Expats, to help them save up on their tax payments. Here, we will inform you about the Bona Fide Resident Test that can help you attain exclusion from foreign earned income and foreign housing. Yes, […]
Moving abroad to settle, start a new job, or establish a new business may help you save tax by getting some exclusion from US Expat taxes. Nonetheless, it will be quite complex to get exclusion on your move. You have to apply for it, and it would deem you good if you consult a tax […]
Totalization agreements are basically international social security agreements. The US has signed these agreements with different international countries having similar social security programs. The main idea behind the agreements is better coordination of United States’ own social security program for its citizens working around the world. The totalization agreements are taken into account when a […]
Moving to a new country brings its own opportunities and challenges. However, it does take a while to adjust, and adapt to the laws of the new land. Some people might think that moving to a foreign country means a new world altogether. Regardless, if you still possess your US citizenship and green card, you […]
Do you have any kind of financial interest, or a financial account, over which you have a signature authority in a foreign country? If the financial account or interest is in a bank account, mutual fund, brokerage account, investment account, life insurance etc, or in a combination of different accounts, and the combined value of […]
The Foreign Account Tax Compliance Act (FATCA) was enacted by the Congress in 2010. The act basically targets all US tax payers, those who are residents, and those who are expats, to report to the IRS all of the foreign accounts, assets, or entities they hold in any foreign country. Tax payers must therefore, duly […]
The US is known for pursuing taxes and debt worldwide. Thus, American Expats can’t avoid paying debt to IRS at any cost even if they shift abroad. US citizens living abroad are subject to the same responsibilities and duties they would have been subjected to had they been in the US. It can’t be forgotten […]
