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When Can a Nonresident Spouse Be Treated as a Resident?
If you are not a US citizen, you are considered a nonresident alien for tax purposes unless you are able to pass the substantial presence test or the green card test. However, in some cases nonresident aliens can circumvent the results of the green card and...Important Filing Update: New FBAR Deadline for 2016
The purpose of the FBAR filing requirement, or Report of Foreign Bank and Accounts, is to crack down on taxpayers who attempt to conceal assets and income held in offshore financial accounts. The Internal Revenue Service imposes harsh penalties for willful and even...Do Expats Have to Pay Self-Employment Tax?
Sole proprietors, independent contractors, partners in partnerships, and members of multi-member LLCs are all required to pay a self-employment (SE) tax, which consists of two elements: Medicare tax, and Social Security tax. Since employers normally determine...Does the US Have an Exit Tax?
You may be leaving the United States, but you cannot relinquish your tax liabilities. In an effort to discourage US citizens from renouncing citizenship for tax avoidance purposes, the Internal Revenue Service imposes upon expatriates a tax known as the...Can You File a Joint FBAR?
In recent years, the Internal Revenue Service has increased its efforts to combat offshore tax evasion by implementing FBAR (Report of Foreign Bank and Financial Accounts) and related programs and reporting requirements. You are required to file an FBAR if you...