Aug 12, 2020 | Business U.S. Expat Taxes, Personal U.S. expat taxes
What do I need to file if I received a gift from a foreigner? That question is common to many U.S. citizens, but the answer is not very familiar. Under the rules of the IRS, Form 3520 is the tax form needed to file when a U.S. person received gifts and bequests from a...
May 29, 2020 | Personal U.S. expat taxes
By way of background, the IRS is issuing stimulus checks/direct deposits to most US taxpayers who have an SSN. If your income was less than $75,000, you would get $1,200 and another $500 per dependent. Interestingly enough, US citizens living overseas are eligible....
May 13, 2020 | Personal U.S. expat taxes
The IRS issues instructions on how to return an incorrectly received stimulus payment. By way of background, the IRS is issuing checks/direct deposits to most US taxpayers who have an SSN, if your income was less than $75,000, you would get $1,200 and another $500 per...
May 7, 2020 | Personal U.S. expat taxes, US expat taxes by different countries
Many US Expats have been wondering when will they get their Stimulus Check. Good news is that the IRS has already started sending out economic stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. According to The Washington...
May 7, 2020 | Credits and deductions, Personal U.S. expat taxes, US expat taxes by different countries
The IRS has provided Time Waivers for Exclusion for taxpayers who were working abroad and returned to the U.S. because of the COVID-19 pandemic before meeting the foreign residency requirements that would qualify them to exclude or deduct all or a portion of the...
May 6, 2020 | Personal U.S. expat taxes
Many US citizens came back to the United States in March and April due to COVID-19. It was either due to regulatory reasons (immigration laws of the host country) or health reasons. Questions can arise as to their eligibility to use the Foreign Earned Income...
Apr 17, 2020 | Personal U.S. expat taxes
US expats can have a direct or indirect shareholder of a passive foreign investment company (PFIC). The IRS found the way to congratulate you on that by adding one additional form you need to file. Together with your tax return, you need to file Form 8621. This...
Apr 14, 2020 | Personal U.S. expat taxes
On April 9, 2020, the IRS released Notice 2020-23, expanding on the relief previously provided in Notices 2020-17 and 2020-18. Notice 2020-23 is affecting Tax Filing Deadlines for US expats. Understanding the importance of tax filing deadlines for US expats in our...
Apr 13, 2020 | Personal U.S. expat taxes
Article Highlights: Filing Due Date Postponement Payment Due Date Postponement Extensions Late Filing and Late Payment Penalties Required Minimum Distributions 2019 IRA Contributions Distributions of Excess Retirement Plan Contributions 2019 HSA & Archer MSA...
Apr 13, 2020 | Personal U.S. expat taxes
According to Treasury Secretary Steven Mnuchin, “Treasury and the IRS are extending tax deadlines for fiscal year businesses, tax-exempt organizations and more than 270 other tax-related deadlines”. This is an effort to relieve taxpayers during the challenging times...
