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...
