Greenback Expat Tax Services
As a major manufacturing hub, China is where many Americans find themselves relocating to for work purposes. With the incredible rate of growth in the last 25+ years, it is easy to see why people are investing their time and money in China. However, China also has one of the most complex tax structures for…
FBAR gets a lot of airtime as far as expat tax-related issues go due to its very low thresholds and its very steep consequences. But Form 8938, the Statement of Specified Foreign Financial Assets, while very similar to the FBAR, fills different account reporting requirements that apply only to expats who meet certain financial thresholds….
The old adage, “no news is good news,” does not apply today! Yesterday, the IRS released new proposed regulations to provide more guidance on Internal Revenue Code Section 250, which is an addition to the tax code that was originated by the tax reform (Tax Cuts and Jobs Act of 2017). The proposed changes would…
The April tax deadline is right around the corner. If your expat taxes are still on your to-do list, you may want to check out one of the many useful instruments Greenback has engineered for expats: our US expat tax calculator. What Does the US Expat Tax Calculator Do? Since Greenback was founded by expats,…
I have been living abroad for years and I just heard that I should be filing US taxes? I was under the impression that people only had to file if they earned more than $100k and I was making less than that, so I don’t have to file right? – Sarah M. Hi Sarah, To…
Congressman George Holding, US Representative from North Carolina, has introduced a bill called the “Tax Fairness for Americans Abroad Act of 2018,” just before the Congressional holiday recess. The bill, also known as H.R. 7358, would exempt foreign income earned by US expats from taxation. This is huge news for all Americans living abroad; let’s…
Rental property ownership abroad can be a profitable investment and a popular choice for expats looking to increase their income streams. Foreign rental properties owned by US citizens abroad are largely treated the same as domestic rental properties. However, there are a few caveats so read on to find out the facts about foreign property…
This tax season, more than others, has expats and all other American citizens wondering what their tax bill may look like now that the tax reform has gone into effect. One of the main ways expats can reduce their tax bill is by using the Foreign Earned Income Exclusion (FEIE). This money-saving deduction is an…
Foreign Bank Account Reporting (FBAR) requirements have long tripped up well-meaning expats who did not realize they had a responsibility to file – even if they were otherwise tax compliant. The associated, often-hefty FBAR fines comprise a nightmare scenario for most Americans living abroad. And unfortunately, federal courts continue to dole out the maximum penalty…
As you may be aware, federal tax law requires US citizens and resident aliens to report any worldwide income on US tax returns, even if they live abroad. That includes income from foreign trusts and foreign bank and securities accounts. In these cases, affected taxpayers need to complete and attach Schedule B to their tax…
