02/05/2016
Robert W. Wood – The number of Americans renouncing United States citizenship or terminating long-term residency is on a record pace. Every 3 months, the government publishes the names of individuals who renounced U.S. citizenship or gave up a green card. This public outing puts Americans on notice who relinquished their rights. For January to […]
02/05/2016
As they crisscross the globe, IRS rules require expat American pilots to record exactly how long they’re flying over the U.S., foreign countries and international waters. Once they land, the pilots have to track exactly when they’re working, and when they’re off the clock. Here’s why: If they ever face an IRS audit, the pilots […]
02/05/2016
In the 102 years since the US first introduced income tax, the tax code has ‘blossomed’ from 400 pages to … 75,000. It was during the Second World War that the code first really ballooned, from 504 pages in 1939 to 8,200 in 1945. This was attributed to the complexity of funding the war effort. […]
02/05/2016
Find The IRS Before They Find You. This is the last US tax filing season for American expats to become current with the IRS before new laws come into play that will reveal your identity, location and foreign accounts to the US government. Now is the last best chance for Americans living abroad to become […]
02/05/2016
The end of the year is the perfect time to align your US expat tax strategies. It’s that time again, as we close out another year, to review some end of the year tax hacks that can still be used to save you money. As you may already know, many of the tax strategies you […]
02/05/2016
Know your GAAPs from your FATCAs with our handy guide to some of the more commonly spotted IRS acronyms. IRS – Internal Revenue Service. You probably knew that one, but you probably didn’t know that the name was first used in 1918. It was previously known as the Bureau of Internal Revenue, and was established […]
02/05/2016
If you are a US citizen, or a Green Card, holder, and your worldwide income is over around $12 thousand a year (or $400 if you are self employed, or just $5 if you’re married to a foreigner but file separately), then the answer is yes, you need to file a US Federal Income Tax […]
02/04/2016
Had enough of filing and paying US income taxes? Have you thought about moving beyond all the hassle and yearly effort just to remain compliant with US taxes and regulations by giving up your US citizenship? The idea, though perhaps well founded, now requires even more careful consideration than ever before. The new and pending Ex-PATRIOT Act […]
02/04/2016
As desperate and unconscionable as it may seem, the United States government is doing it – they’re putting forward legislation right now – that will revoke or deny a passport to overseas American citizens who are not tax-compliant with the IRS, including filing of taxes, FBAR and FATCA. The Current US Senate Bill 1813, also […]
02/04/2016
Robert W. Wood – U.S. citizens abroad face an array of tax compliance dilemmas for themselves and their families. Americans must report their worldwide income regardless of whether they are paying local taxes where they live. They also must report their non-U.S. bank accounts on FBARs (now FinCEN Form 114) and file the FATCA Form […]