Apr 10, 2023 | Business U.S. Expat Taxes
For US expats who own businesses in foreign countries and need to file Form 5471, the recent Farhy v. Commissioner decision by the US Tax Court may be of interest. On April 3, 2023, the U.S. Tax Court made a decision in Farhy v. Commissioner regarding penalties for... 
Mar 17, 2023 | Business U.S. Expat Taxes, Personal U.S. expat taxes
In this blog post, we will provide a comprehensive overview of the GILTI tax, who is subject to it, and how it affects multinational corporations. We will also discuss the tax rates for GILTI income, and how to comply with GILTI tax regulations. We understand that... 
Mar 13, 2023 | Business U.S. Expat Taxes, Personal U.S. expat taxes
Are you an expat who owns a foreign business? Filing taxes can be complicated, but adding a business to the mix can make it even more challenging. If you own a foreign disregarded entity, you may be required to file Form 8858. But what exactly is a foreign disregarded... 
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...