As a U.S. expatriate living overseas, navigating the complexities of tax obligations can feel overwhelming. The Internal Revenue Service (IRS) has specific requirements for U.S. citizens and resident aliens abroad, and failure to meet these obligations can result in penalties. Understanding the main causes that could trigger an IRS penalty after filing your tax returns … Read more
For American expats living in the UK, planning the financial future of their dual citizen minor children presents a unique set of challenges. The complexities of adhering to both countries’ tax laws can turn a straightforward process into a labyrinth of regulatory compliance. This article delves into these challenges and illustrates how a dually qualified … Read more
Eliminating Non-Dom status and the effects on American Expats
In today’s globalized world, where borders are increasingly porous, individuals and businesses are constantly moving. Expatriates, or expats, who live and work abroad and multinational businesses with operations spanning multiple countries face unique challenges regarding taxation. Enter the International Data Exchange Service (IDES), a game-changing initiative transforming how tax authorities share financial information globally. In … Read more
Federal and state taxes are a fundamental aspect of the American economy, and they play a crucial role in funding government programs and services that benefit the country’s citizens. Understanding how federal and state taxes work on earnings is essential to managing your finances and complying with the tax laws. In this blog post, we … Read more
Thinking of Buying As a US taxpayer, if you own a property abroad and pay the principal on your foreign mortgage, you may still be subject to taxation on any gains earned from the property. This can include rental income or gains from the sale of the property. The tax laws and regulations for foreign … Read more
Special Alert for America After passing the House and the Senate, President Biden signs the new law in to effect on March 11, 2021, This new Act will through many American a much needed lifeline that will help recover from the impact of the COVID-19 pandemic. With the signing of this new law many changes … Read more
US Taxpayers Is your Non-US Pension Actually a Foreign Trust? Recently the IRS have become very aggressive in their pursuit of non-compliant taxpayers with foreign information to report. Every year the IRS releases a list of top priorities and campaigns of non-compliance that they will target and you guessed it right offshore non-compliance is on … Read more
