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 […]
All US taxpayers may undergo an IRS audit. Every year, 1% of all US taxpayers go through this somewhat scary process. US expats even have higher chances of going through a tax audit. If you are not careful, you may be caught up in a situation where you have to provide evidence and answer queries […]
Your US expat tax filing may undergo revisions and updates to cope up with the IRS requirements. Enough and accurate information on the guidelines set by the Treasury Department will be a great advantage for your tax compliance. In particular, foreign asset reporting through Form 8938 needs certain attention and understanding on your part. Who […]
The record-breaking 4279 renunciations in 2015 is a sign of a trend among many expats at present. One of the reasons might be the lack of interests the government is giving for US expats concerns. Whatever reason you may have to surrender your citizenship, there are things to consider, especially those related to your tax […]
As a US expat, the need to file taxes in a foreign country is one of your advantage. You are fortunate to avail of several credits, exclusions, and deductions for your tax filing. As the year begins, it is wise to be aware of these tax write-offs for you to get more savings for other […]
The record-breaking 4279 renunciations in 2015 is a sign of a trend among many expats at present. One of the reasons might be the lack of interests the government is giving for US expats concerns. Whatever reason you may have to surrender your citizenship, there are things to consider, especially those related to your tax […]
IRS already announced the figures related to tax ranges and limitations for US expat pension plan holders for 2017. Overall, the ranges increased for eligibility determination including traditional IRAs (Individual Retirement Arrangements contribution deductibles, saver’s credit claiming, and Roth IRAs contributions. Only the contribution limits for the self-employed with SIMPLE pension accounts does not change. […]
