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...
International Tax Law
Traveling with tax debts? Maybe not, thanks to this new rule
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...
Do you really qualify for the Foreign Earned Income Exclusion?
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...
Understanding the Foreign Account Tax Compliance Act (FATCA)
As someone who has foreign accounts in counties other than the United States, it's important that you understand the Foreign Account Tax Compliance Act (FATCA). This is an important act that was created to help eliminate tax evasion by those holding accounts outside...
I.R.C. § 7345; Passport Privileges
Traveling abroad? Make sure your taxes are paid, otherwise you might have to cancel your plans. In enacting the Fixing America's Surface Transportation Act ("FAST Act"), Congress added § 7345 to the Internal Revenue Code. This section allows the Secretary of State to...
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...