Are you wondering what is happening in the world of expat tax news? We understand that you don’t always have time to surf the internet for applicable stories–and we also understand that with what little time you do have to peruse the World Wide Web, you may not be searching for expat tax news. That’s why you come to us! At Greenback, we love taxes all year long and each week we search for the most interesting stories you may not have heard. Welcome to this week’s round up!
Investing in the UK?
As an American in the UK, you may plan for a short stay or a more permanent one. Either way, you may be thinking about investing some of your hard-earned money for the future. It’s so important when investing in another country to be clear on the tax implications and responsibilities that accompany your investment opportunity.
Will you need to file FATCA Form 8938? What about currency conversion? Here is a quick look at a few things to consider when investing in the UK.
Read more about these tips here.
Offshore Corporate Tax
President Obama is cracking down on corporate inversions (where a company purchases a corporation in another country in an effort to avoid the hefty US taxes). But instead of creating tougher laws and closing the loopholes, he is concentrating on changing the tax structure for multinational companies. With an estimated $2 trillion being invested overseas, it’s certainly worth his time to find a sensible solution.
Read more about Obama’s offshore corporate tax plan here.
An era gone by…
For those US expats who found tax time just a bit easier with the help of the overseas IRS offices, things are about to get a little more challenging. The IRS has announced that it will be closing the last of its overseas-taxpayer assistance centers, citing budget cuts as the reason.
“The closing of IRS offices attached to U.S. Embassies in London and Paris, as well as the consulate in Frankfurt, will allow the agency to reassign about a dozen employees to its domestic offices and save about $4 million a year, the IRS said in a statement.”
According to an article on Bloomberg.com, the IRS pledged to find more economical ways to assist American taxpayers living abroad and said that enforcement duties will be carried out by IRS employees from the US.
You can read the whole article right here!
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