Greenback’s Expatriate Tax News and Tips for US Expats

US Expat Taxes: Form 2555EZ

US Expat Taxes Explained: Form 2555-EZ for the Foreign Earned Income Exclusion

If you are a US citizen living and working abroad, you will likely take advantage of the Foreign Earned Income Exclusion (FEIE) on your US expat taxes by completing Form 2555 or 2555-EZ. The FEIE allows qualifying taxpayers to exclude up to $105,900 of foreign earned income from their 2019 US expat taxes and $103,900…

IRS Amnesty Program for Renouncing Citizens

A New IRS Amnesty Program Is Here: Relief Procedures for Certain Former Citizens

Amidst all the news of looming IRS crackdowns, a bit of relief is on the way. Recently, a brand new IRS amnesty program was launched for those who have renounced their American citizenship (or even those who intend to!), called “Relief Procedures for Certain Former Citizens.” These procedures are intended to incentivize noncompliant taxpayers to…

The Latest Citizenship Renunciation Numbers, and What They Mean for Expats

Many expats have a love-hate relationship with their American citizenship. While they may love being American citizens, the ongoing tax-filing requirements can make the burden of remaining a citizen too much to bear. Each quarter the Federal Register publishes the American citizenship renunciation numbers, and the numbers often reflect a number of different trends for…

American Expat Entrepreneurs: IRS Compliance Campaign

New IRS Compliance Campaign for American Expat Entrepreneurs: S Corporations Built In Gains Tax

Recently, the IRS announced that it would be initiating six new compliance campaigns for specific tax noncompliance issues. One of these issues is the built in gains (BIG) tax that can occur when C Corporations transition into S Corporations and have net unrealized built in gains. Find out what American expat entrepreneurs need to know…

US Expat Taxes on Cryptocurrency

Understanding Expat Taxes on Cryptocurrency

Buying, selling, investing in, receiving, or transferring money using bitcoin, etherium, and other types of cryptocurrency have tax implications. Here’s what Americans living abroad need to know about expat taxes on cryptocurrency. What Is Cryptocurrency? Cryptocurrency refers to any virtual digital currency that is not the official currency of any country. Examples of cryptocurrency include…

Expats and Taxes: IRS Compliance Campaigns

The IRS’ New Compliance Campaigns Target Expats and Taxes

The Large Business and International Division (LB&I) of the IRS announced that they are adding six new compliance campaigns, and these are targeting expats and taxes specifically. Though not a lot of information is known about how the IRS plans to conduct these campaigns, expats will want to take a look at our summary below…

Foreign Tax Credit Calculation Webinar

Register Now for Our Free Webinar: Who Qualifies for the Refunds Owed to American Expats in France

Due to the recent landmark court ruling, the IRS owes many American expats in France many sizeable refunds. An error that the IRS made in the Foreign Tax Credit calculation means the IRS expects to owe somewhere in the neighborhood of 100-300 million dollars to US expats who reside in France. However, determining if you…