Some expatriates living abroad tire of paying income taxes to a country they no longer live and have no plans to return to. The simple solution would seem to be renouncing citizenship and be done with the tax obligation. However, renouncing citizenship does not...
International Tax Law
Do ex-pats need to pay income taxes?
All U.S. citizens and resident aliens must pay federal income taxes. It generally does not matter where they lived when earning their income. It applies even if the citizen did not receive a Form W-2 or Form 1099. Taxable sources of income include earned and unearned...
Tax considerations for first-time international expansion
As businesses grow, new opportunities often arise across seas and borders. From manufacturing plants to shipping and distribution centers to administrative offices, international expansion can open doors. Taxes, of course, will differ between countries. The tax law of...
Beware of these audit triggers as tax deadline approaches
The Internal Revenue Service (IRS) pushed back the tax deadline to July 15, 2020. The deadline is fast approaching, and as taxpayers finalize their returns, they may find themselves wondering “what triggers a tax return?”Although invasive audits have declined, audits...
IRS takes taxpayer to court for FBAR violation
The courts may be operating a bit differently in light of the current coronavirus pandemic, but they are still pursuing cases. In a recent example, the court issued a decision in a recent tax case involving a Foreign Bank Account Report (FBAR) violations.United States...
The window is closing to disclose foreign assets under OVDP
Time is running out for taxpayers in the U.S. who have undisclosed foreign assets. The IRS is bringing the Offshore Voluntary Disclosure Program (OVDP) to a close. The program will end on September 28th, 2018. This will bring an end to the third installment of the...
Tax implications of conducting business abroad
As a business owner, you take great pride in your ability to provide your clients with a high level of service.Regardless of your industry, if you own a business in the United States there may come a point when you find yourself conducting business in another part of...
Appealing an IRS or state tax authority decision
There is no denying that paying taxes is part of life. It doesn't matter where you live or how much money you earn; it's almost guaranteed that you're required to pay your fair share.In addition to paying federal taxes to the IRS, you'll do the same on the state...
Most foreign banks aren’t providing accurate FATCA filings
Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over...