When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number still need to understand the risk they are taking when they fail to disclose offshore financial
Tax rules for US expatriates living abroad can be complex and depend on various factors such as income sources, residency status, and specific tax treaties between the US and the country of residence. Here’s an overview:1. Foreign Earned Income Exclusion (FEIE)**: One of the primary benefits for US expatriates is the FEIE, which allows qualifying
Not filing your tax return or paying your taxes on time or at all can lead to serious consequences, including:
From entrepreneur Magazine: https://www.entrepreneur.com/business-news/these-are-the-cheapest-countries-to-buy-a-citizenship/454254?utm_campaign=Daily%20Newsletter&utm_medium=email&_hsenc=p2ANqtz-_w_pC99dlBIpi2WjvS_v5wrkudeySUSDAly1Ny9VBw_-7WhW5hF-hQmFb66R7quEi3kSzLz7UBVCBHBC4DCDCm57aztw&_hsmi=291018315&utm_content=291018315&utm_source=hs_automation (copy an paste this link into your web browser)Find the country you can live in and save taxes. We can help you save on your US taxes if you live abroad either as retired person or business. Email us at ddnelson@gmail.com for more. We have been assisting expats with their US
The Internal Revenue Service reminds taxpayers living and working outside the U.S. to file their 2023 federal income tax return by Monday, June 17, 2024. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.This deadline does not apply to taxpayers who live or have a business in
If you owe the IRS money (and are very late in paying) can legally request the US State Department not renew it or suspend your US passport. They also have in the past requested US Customs and Border agents to take your passport away from you when taxes are due and not paid. They will
A new law that’s taking effect next year is going to require millions of small businesses to begin filing disclosures about their true ownership with the Treasury Department or face stiff penalties, and most are unaware of it.As a result of the Corporate Transparency Act of 2021, corporations, LLCs and other entities formed under state
A new law that’s taking effect next year is going to require millions of small businesses to begin filing disclosures about their true ownership with the Treasury Department or face stiff penalties, and most are unaware of it.As a result of the Corporate Transparency Act of 2021, corporations, LLCs and other entities formed under state
US expatriates working abroad may be able to deduct their rent if their income exceeds the current foreign earned income exclusion ($112,000 for 2022). The rent has to exceed a certain minimum amount which is often set by the country you live in. If your an expat and need to take advantage of this special
Expatriate taxation for US citizens are complicated. You must file a US expat tax return no matter where you live and work in the world each year so long as you earned in excess of a certain amount. Failure to file can result in substantial penalties and interest and possible criminal prosecution.Learn all of the
