Sep 3, 2014 | Personal U.S. expat taxes, Renouncing U.S. Citizenship
The number of Americans renouncing U.S. citizenship stayed near an all-time high in the first half of the year before rules that make it harder to hide assets from tax authorities came into force (FATCA – Effective Date July 1, 2014). Each quarter the U.S....
Sep 3, 2014 | Personal U.S. expat taxes
Somebody recently asked me if a 6 year old US citizen, living abroad, who receives minimal unearned income on his bank account was required to file US tax returns, here is my response – feel free to as your own question in the comment section below: General...
Sep 2, 2014 | FBAR and FATCA
Earlier in August, Canada and Russia exchanged the following tweets: Canada at NATO@CanadaNATO Geography can be tough. Here’s a guide for Russian soldiers who keep getting lost & ‘accidentally’ entering #Ukraine pic.twitter.com/RF3H4IXGSp and Russians at...
Aug 29, 2014 | Renouncing U.S. Citizenship
I recently read an article making the case of not registering the birth of your child with the US consulate. It is echoed in the following post on the Isaac Brock Society website...
Aug 29, 2014 | Personal U.S. expat taxes
Budget pressures at the Internal Revenue Service’s Criminal Investigation Division are cutting the number of investigators there to the lowest level in four decades, and officials say the changes are forcing the division to scale back its fight of financial...
Aug 23, 2014 | Business U.S. Expat Taxes
Temp. Treas. Reg. §1.1298-1T (c) (2) (i) provides an exception to the requirement to file an annual report under section 1298 (f) and regulations in certain shareholders in respect of the interest held in a PFIC in which the shareholder is subject to tax as provided...
Aug 23, 2014 | Business U.S. Expat Taxes
S Corp is very advantageous when compared to C Corp. The difference between an S Corp and an LLC is not that big. – The advantage of the S Corp is that you will be drawing a salary, hence you only will be paying FICA payroll taxes on your salary. A single-member...
Aug 21, 2014 | Personal U.S. expat taxes
As we know, there are two main mechanisms available to US persons to avoid being taxed in the US (in the case of the foreign tax credit, while also paying taxes overseas): – The foreign tax credit (FTC) and – The foreign earned income exclusion (FEIE) The...
Aug 18, 2014 | Personal U.S. expat taxes
Americans working abroad may be eligible to use Foreign Housing Exclusion and Foreign Earned Income Exclusion. This way you can exclude certain foreign earned income (wages, compensation for services) from US taxable income. As well as certain foreign housing costs...
Aug 18, 2014 | Personal U.S. expat taxes
Somebody recently asked if a 6-year-old US citizen, living abroad, who receives minimal unearned income on his bank account was required to file U.S. tax returns. Here is our response – feel free to as your own question in the comment section below: The general...
