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...
Mar 28, 2020 | Business U.S. Expat Taxes, Credits and deductions, Personal U.S. expat taxes
On March 25th, 2020 congress passed a federal stimulus package named Coronavirus Aid, Relief, and Economic Security Act (CARES Act), worth $2.2 trillion. The bill has also been signed into law by Donald Trump. This bill will provide some relief to millions of...
Mar 19, 2020 | Business U.S. Expat Taxes, Filing Your Taxes Late, Personal U.S. expat taxes
For most US taxpayers, that means that the tax payment deadline, the deadline to pay, is now July 15, 2020 (previously April 15, 2020). The deadline to file remains unchanged, June 15, 2020 for Americans overseas. In response to the COVID-19 pandemic, the Internal...
Feb 28, 2020 | Business U.S. Expat Taxes, Personal U.S. expat taxes
The PFIC rules apply to US persons. I.e. individuals, corporations, estates and trusts who are US residents or US citizens. US citizens living overseas invest in foreign investment vehicles, as that’s where they live. With it may come a bad surprise. A punitive...
May 2, 2019 | Business U.S. Expat Taxes, Personal U.S. expat taxes
How does self-employment tax work for those Americans, who live abroad, travel the world and work for themselves? Well, you still have to pay US taxes on foreign income if you are a freelancer, independent contractor, digital nomad or entrepreneur abroad. Yes, US tax...
Apr 11, 2019 | Business U.S. Expat Taxes, Personal U.S. expat taxes
U.S. citizens and residents have to file Form 5471 if they are shareholders in a foreign corporation. In addition, many categories of income would be categorized as a subpart F income and taxed currently. The Tax Cuts and Jobs Act has expanded that with the GILTI...
