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.
Foreign Trusts, Tax and Information Reporting – It’s Complicated!
With regard to foreign (i.e., non-US) trusts, there are many potential US tax filing and reporting requirements which, if missed, can result in imposition of shocking penalties. The […]
Bitcoin and Your Taxes: Do You Know What to Do?
Bitcoin has been surging in value. Reuters reports that Bitcoin hit an all-time high above $1,400 on Tuesday May 2, after more than tripling in value over the […]
To Be or Not to Be – A Participant in a DOJ Non-Prosecution Program?
Over three years ago, the US Department of Justice (“DOJ”) and Swiss authorities jointly announced a landmark non-prosecution program for any Swiss bank that was not a current target of […]
Foreign Partnership – Beware Your US Partner!
What happens when a non-US citizen individual who is also not a “resident” of the US (i.e., a so-called “nonresident alien”, or NRA), goes into a non-US partnership […]
Overseas ITIN Help Now Available from CAAs Abroad
The US Internal Revenue Service (IRS) has expanded the options available to taxpayers residing abroad who need an “Individual Taxpayer Identification Number” (ITIN) to fulfill their US tax […]
Bitcoin – Coming Back to Bite You?
In November last year, the Internal Revenue Service (IRS) issued a so-called John Doe Summons to “Coinbase”, the largest digital currency exchange firm in the US and the […]
IRS Budget on the Chopping Block – Taxpayers Must Prepare for Greater IRS Aggression
President Donald Trump released his “Budget Blueprint on March 16, “America First, A Budget Blueprint to Make America Great Again”. The Budget Blueprint “reprioritizes” Federal spending so that […]
Green Card Holder – Using Foreign Earned Income Exclusion
Americans working abroad may be eligible to exclude certain foreign earned income (wages, compensation for services) from US taxable income under the rules governing the Foreign Earned Income Exclusion […]
Foreign Earned Income & Housing Exclusion: Repeal Advocated & Other Recent Developments
US taxpayers living overseas are usually somewhat familiar with the benefits of the foreign earned income and the foreign housing exclusion. Given that it’s tax filing time, it’s […]