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.
Sharia Law and Student Loans: Is Interest Deductible?
Today’s blog post was written with the assistance of Daniel S. Eckenrode. Daniel received his JD and LLM in Taxation from Villanova University School of Law. He is avidly […]
Silver Lining — Repatriation Tax and Expatriation: Now’s Your Chance!
As most of my readers are no doubt aware, The Tax Cuts and Jobs Act (“TCJA”) heralded numerous changes to the US tax law. One of TCJA’s changes […]
Intent Tells All – “Bona Fide Resident” for FEIE
Just a few months back, in Hudson v. Commissioner, T.C. Memo. 2017-221, the US Tax Court held that a pilot working for Korean Air and living in a […]
OOOps! Excise Taxes Count Toward 5 Years of Expatriation “Tax Compliance”
Many US persons living abroad have foreign life, sickness or accident insurance or a foreign annuity. Yet, only a handful have any knowledge of the US Foreign Insurance […]
Americans Abroad – How to Cope With Tax Reform & Save for Education
President Trump’s tax reform was signed into law on December 22. My blog post last week detailed how the newly revised “kiddie tax” rules will take a big […]
IRS Special Webpage Exclusively Covers US Tax Reform
The IRS has created a very helpful special page dealing exclusively with US tax reform. You will find news releases and IRS statements, IRS Notices, FAQs and more. Major […]
Friendly FBAR Reminder from FinCEN
The Financial Crimes Enforcement Network (FinCEN) just issued its announcement (“Announcement”) of the due date for filing the 2017 FinCEN Form 114, Report of Foreign Bank and Financial […]
Your Children and US Tax Reform – Tax, Tax, Tax the Kiddies!
Giving a significant amount of investment assets to one’s children used to be a popular tax strategy, since it permitted the income earned on the investment to be […]
Fairness? IRS Just Updated Coordination Between Streamlined Procedures and OVDP
Many of my readers will recall my earlier posts on the Streamlined Procedures and the Offshore Voluntary Disclosure Procedures (OVDP). In 2014, the IRS greatly revamped the Streamlined […]