Feb 11, 2021 | 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...
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...
May 2, 2019 | Business U.S. Expat Taxes, Personal U.S. expat taxes
US tax laws can be confusing. There’s a lot of specifics, and the language surrounding these specifics is pretty complicated—particularly when it comes to the self-employment tax on US citizens abroad. So, how does all this actually work? For starters, unfortunately,...
Apr 11, 2019 | Business U.S. Expat Taxes, Personal U.S. expat taxes
Looking for information about the Form 5471 instructions or have specific doubts such as, who needs to file it and what are the requirements? 1040 Abroad offers guidance by deep-diving into the instructions and filing requirements of 5471 and answering commonly asked...
