There are an array of reasons why Americans and U.S. taxpayers keep or maintain authority over offshore accounts. For some American expats, keeping assets overseas is not only a matter of convenience but also a means of ensuring that he or she has access to assets as...
In the modern world, we’re able to accomplish more things than ever. Unfortunately, devoting ourselves to more tasks than ever can mean that sometimes we get spread thin and that completing important duties and obligations can slip through the cracks....
There’s a famous quote that says nothing is certain but death and taxes. Yet while taxes may be certain, consistency in the tax code is not. Whether you’re a citizen abroad or live on US soil, there are six significant changes you should know...
As a US citizen abroad, you may be required to file several tax forms disclosing your foreign income and assets, such as filing an FBAR (Report of Foreign Bank and Financial Accounts) or Form 8938 (Statement of Specified Foreign Financial Assets). American...
As we’ve repeatedly emphasized in our tax blog, US citizens abroad must report worldwide income and are required to file an income tax return with the Internal Revenue Service. As the IRS has stated, “If you are a US citizen or resident alien, the...
The tax code isn’t exactly known for being easy to understand, especially when it comes to international taxation. Unfortunately, its complexities often lead well-meaning taxpayers to make costly errors. The good news is that these pitfalls are easy...