United States tax matters can be confusing to even the most seasoned American expat. In addition, although they may not realize it, foreign persons with US connections may also be impacted by US tax issues. Many non-US persons have a connection to the USA in some manner. Perhaps a family member is married to a US person; perhaps a family member has been studying in the US and may decide to remain there or to get a green card. Other connections can exist such as the desire to purchase US real property as an investment or a vacation home; or a desire to invest in the US securities market; maybe the family has a business which is now taking on US connections, for example, by selling goods or providing services into the US. In any such instance, US tax issues must be considered and planned for.
Vulnerable Americans Abroad: Legal Weight of IRS Pubs, Info, FAQs = ZILCH!
What’s a taxpayer to do? As if the US tax rules are not confusing enough, it’s a sad situation when taxpayers cannot rely on information supplied by the […]
The Human Side of Expatriation
I recently wrote a tax blog post, titled “Number of 2017 US Expatriations Exploding”. It was of interest to a great number of readers. Given the interest that […]
Number of 2017 US Expatriations Exploding
Yesterday the “Name and Shame” list of those individuals who renounced their US citizenship or terminated their long-term US residency (“expatriated”) during the second quarter of 2017 was […]
FLASH UPDATE — One-Year Delay! Controversial Debt-Equity Regulations “Documentation”
Background Internal Revenue Code Section 385 deals with the classification of certain interests in corporations as either “debt” or “equity” interests. The Code Section was originally enacted over 40 years […]
Americans Abroad: Sale of “Principal Residence”, Gain Exclusion & Unforeseen Circumstances
Section 121 of the US Internal Revenue Code allows for the exclusion of up to $250,000 ($500,000 for a married couple filing jointly) in gains arising from the […]
FBAR Case to Watch! IRS’ View of “Reasonable Cause” to Avoid FBAR Penalty
By now most readers of my blog have heard of the notorious FBAR (Report of Foreign Bank and Financial Accounts) Form 114 and the penalties that can apply […]
United Arab Emirates, Lebanon + 11 Others Now “Largely Compliant” With International Tax Transparency Rules
Various jurisdictions that had failed to demonstrate compliance with international tax transparency standards, including the United Arab Emirates (UAE) and Lebanon, just had their ratings upgraded by the […]
Obtaining EIN for Form 5472: Is ITIN Mandatory for “Responsible Party”?
As many of my readers are likely aware, commencing with the 2017 tax year, single-member US LLC’s with foreign ownership will need to file Form 5472 to […]
Retroactivity – Yes, Tax Laws Can & Will “Set Back the Clock”
Last year, one of my blog posts addressed the issue of retroactive tax legislation – the sometimes (often times) maddening event that occurs when a tax law is […]