U.S. Citizens and Residents Abroad

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The United States is one of a handful of countries that vigorously pursues taxes worldwide. Don’t expect to avoid a US tax debt or avoid paying US tax by moving overseas. The United States has tax treaties and agreements with over 68 countries where the IRS and the foreign tax agencies exchange tax data on their residents. The list is increasing as more countries participate in the information sharing program. You may think because you are earning money in another country and paying tax in that country that you don’t have a US tax liability with the associated filing and disclosure requirements. That is not the case. You still should file a tax return with the IRS every year whether you have income or not. Also, if you have a foreign bank account there are additional disclosure requirements.

Accounting

What must U.S. Citizens and Residents Living Abroad do to Maintain Tax Compliance?

U.S. citizens and residents living abroad have a duty to report and pay taxes on income world-wide. This duty exists regardless of where the money was earned or the country where you are physically present. In short, if you wish to comply with U.S. tax law you may need to pay taxes and disclose information avoid penalties. Ted Kleinman can explain US tax law, including income tax regulations, to you in a knowledgeable, yet, straight-forward manner. Furthermore, Ted Kleinman can explain the interactions and interplay between income taxes and international compensation agreements.

Understanding your Relevant Tax Considerations Before Relocating

Prior to relocating outside of the United States, it is prudent to become informed of  the tax considerations and implications. Moving prior to fully considering your options can result in less than optimal financial outcomes. If you work with Ted Kleinman prior to your international move you are are likely to consider a broad array of factors. These may include:

  • Pre-move consultations
  • Determination of tax home.
  • Preparation of federal and state income tax returns.
  • Determination of elements of taxable income.
  • Determination of timing of income (now, later or never) including an evaluation of constructive receipt.
  • Consultation regarding severance arrangements.
  • Recommendations regarding fringe benefits.
  • Application of totalization agreements.
  • Analysis and evaluation of foreign tax credit issues.

While there are many other considerations to address prior to an international relocation, the foregoing provides a brief sample of the types of concerns Ted Kleinman can address.

Handling a Broad Array of Concerns for U.S. Expatriates

While we have already discussed the reporting requirements that U.S. citizens and green card holders have regardless of where they may be present in the world, this is far from an expat’s only concerns. Aside from handling the preparation and filing of your U.S. state and federal taxes, Ted Kleinman can also advise you regarding:

  • Potential tax deductions due to purchase of supplies, travel, or entertainment.
  • The application of totalization agreements to avoid double-taxation.
  • Foreign tax credit issues
  • The design and implementation of tax protection and equalization programs.
  • Determining the taxable elements of income.

In short, Ted Kleinman can provide experienced and trusted tax guidance for a broad array of tax concerns held by U.S. citizens or legal permanent residents who are living abroad.

Put My More than 20 Years of International Tax Experience to Work for You

For more than 20 years Ted Kleinman of US Tax Help has helped U.S. expats and residents living abroad handle serious tax concerns and tax issues. I offer consultations and extension of tax resources by phone or by email. To schedule your free and confidential tax consultation, call 541-923-0903 or contact us online today.

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