May 15, 2022 | Credits and deductions
Even if you’ve moved abroad for a brighter future, you still might have obligations towards the IRS. What happens if you earn income from sources outside the United States? If you live abroad, you might qualify for the foreign earned income exclusion (FEIE)....
May 10, 2022 | Personal U.S. expat taxes
By way of background, those who are covered expatriates when renouncing US citizenship are subject to an exit tax – a deemed disposition of all of your assets, with potentially taxes to pay on that phantom capital gain. What is happening right now? Apple (APPL) stock...
May 2, 2022 | Credits and deductions, Personal U.S. expat taxes
When talking about US taxes and taxation of US citizens who live abroad, you may have heard of Foreign Tax Credit. A U.S. citizen or resident alien who pays income taxes in another country can claim a tax credit against their U.S. federal income tax bill. You can...
Feb 21, 2022 | Personal U.S. expat taxes
Americans who work abroad face a challenging job preparing their tax returns. So let’s happily ignore today’s income tax issue and focus instead on Social Security taxes. Technically, I’m talking about the FICA tax: the tax you pay for your pension, survivor’s...
Feb 10, 2022 | Personal U.S. expat taxes
The reporting requirements for IRS Form 5471 are complex, including “categories of documents” and required timeframes. However, few taxpayers know that there are special simplified reporting rules for inactive foreign companies. The yet to be...
Feb 7, 2022 | Personal U.S. expat taxes
In 2018, the U.S. Supreme Court issued a landmark decision that changed the U.S. sales tax landscape for Canadian businesses selling in the U.S., either stateside or electronically (the Internet). CONTEXT Sales tax registration requirements are based on the...
Jan 27, 2022 | Personal U.S. expat taxes
Those who renounce their U.S. citizenship and those who have severed ties with Canada and become non-residents risk being taxed twice: once for assets they owned, giving up tax residency, and another time when they sold their assets. The double taxation issue is...
Jan 26, 2022 | Personal U.S. expat taxes
2021 is ending and 2022 is coming. Post-holiday is tax filing season and Americans living abroad need to file their taxes. Just like Americans living in the United States, federal tax returns are filed every year. However, applying from abroad is more complicated....
Jan 11, 2022 | Personal U.S. expat taxes
Form W-8BEN is a tax document used to certify that the country of residence for tax purposes is not the United States. It is required because Canada and the United States have entered into an intergovernmental agreement under which Canadian financial institutions must...
Dec 19, 2021 | Personal U.S. expat taxes
John Richardson: Hello this is John Richardson speaking with you from Toronto Canada. today is December the 14th 2021 and well 2021 is drawing to an end and there are some Americans abroad who have extensions I guess till December the 15th or whatever but the bottom...
