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...
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...
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...
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...
You grew tired of living in the United States. You decided it was finally time for a change. After all, in your line of work, you can live anywhere you want. You moved overseas and set up a new life for yourself, something you always wanted to do. You cut ties with...
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...
The United States Internal Revenue Service applies special tax reporting standards to assets held in foreign financial institutions. These tax reporting rules require some individuals with foreign assets to file a specific tax form.Tax laws pertaining to foreign...
You owe money for back taxes. You know it and the IRS knows it.However, you've also moved overseas. You haven't actually lived in the United States in some time, and all of your money is in a bank outside of the country.You know that the IRS has a lot of power to...
If you have tax debts, you probably want to figure out how to get out of them at the least cost to you. If you don't address the debts, you could find yourself in trouble with the Internal Revenue Service.In July, there was a report specifically aimed at passport...
You live overseas, but you do spend some time in the United States every year. You want to know if you qualify for the Foreign Earned Income Exclusion, or the FEIE.Your desire to claim the FEIE makes perfect sense: You can reduce your taxable income significantly. In...
