Jan 28, 2016 | Business U.S. Expat Taxes
This week’s question is a follow-up from last week’s blog post but comes from Loretta from Quebec, Canada. The question is: So, are TFSAs considered trusts for US tax purposes? If so, what are the implications of that? Is it a trust? Again, here is the regulation...
Jan 28, 2016 | Business U.S. Expat Taxes
This week’s question comes from Amy from Canada. “I have heard that Canadian RESPs (Registered Education Savings Plans) may be considered trusts for US tax purposes. Is that true? If so, what are the implications of that?” Is RESP a Trust? Here is the...
Jan 28, 2016 | Personal U.S. expat taxes
This week’s question is a follow-up question from James from the Netherlands (long time, no see) – for his friend (of course). The question is: So, you said in your previous blog post that “If you intend to gift a large amount of money to a US person, it is advisable...
Jan 28, 2016 | Renouncing U.S. Citizenship
This week’s question is a follow-up question from James from the Netherlands – for his friend (of course). The question is: What if I just surrender U.S. citizenship without doing anything regarding my taxes? Learn more about Form 8854 and covered expatriate status....
Jan 28, 2016 | Business U.S. Expat Taxes, Personal U.S. expat taxes
This week’s question comes from Kathleen from Canada. She heard that Canadian retirement plans (RRSPs) and account are treated as trusts for US tax purposes. Now she wants to know how to meet the reporting requirements for US tax. As well as the way it is taxed. Did...
Jan 28, 2016 | Business U.S. Expat Taxes, Personal U.S. expat taxes
And this week’s question comes from a digital nomad Chiang Mai, and the question is: Do self-employed US citizens abroad have to contribute to Social Security? The Social Security Totalization Agreement US citizens living in countries which adhere to the Social...
Jan 28, 2016 | Business U.S. Expat Taxes, Personal U.S. expat taxes
And now, the final follow-up question from our digital nomad in Chiang Mai: Should I pay Social Security (SS) contributions or not? Before I delve into the subject, I want to note that skipping social security taxes is not a way to build wealth. The best way to build...
Jan 27, 2016 | Business U.S. Expat Taxes, Personal U.S. expat taxes
This week’s question comes from a doctor in Canada who as asking about the implications of his corporate structure and Controlled Foreign Corporation. Based on the advice of his Canadian accountant, he created a Canadian corporation known as a ‘Canadian-Controlled...
Jan 15, 2016 | FBAR and FATCA
New rules on financial reporting from the FACTA will affect U.S. expats. FBAR apply to all U.S. tax payers with a foreign account amounting over $10,000. If you’re an expat who hasn’t been filing returns and FBARs, this could affect you. Find out what the rules...
Dec 22, 2015 | Personal U.S. expat taxes
On November 24, 2015, the IRS issued notice 2015-82, increasing from $ 500 to $ 2,500 the amount which can be expensed for tangible property for taxpayers without audited financial statement – de minimis safe harbor. According to regulations, a taxpayer can...
