If you are a citizen or permanent resident of the US, you are obligated to file taxes with the IRS each year, regardless of the country in which you reside. Not only are you required to submit the standard income taxes for expats, but you may also need to file an informational return on your […]
Expats who are shareholders in foreign companies: take note! You may have extra filing requirements that garner heavy penalties if ignored. Find out if you must file Form 8621 along with your other American expatriate tax documents and other tips on how to avoid penalties below. Passive Foreign Investment Companies (PFICs) in a Nutshell PFICs […]
We’re so glad you made it to this week’s expat tax news roundup, where we’ve compiled all the expat tax news you need. This week we’re featuring Passive Foreign Investment Companies and Form 8621, our webinar on expat tax facts and fiction, why expat entrepreneurs shouldn’t incorporate their businesses overseas, and our fantastic refer-a-friend offer! […]
No matter where you’re living and working, you’ve probably thought about planning for retirement by choosing to make investments in some form. However, when living abroad, understanding the ins and outs of investments outside the US might be a bit more complicated as banking and tax laws can differ from those in the US – […]
As an American living and working abroad, chances are you’ve experienced the complexity of understanding your foreign finances and US expat tax return. There are certain things you’ve likely come to expect in those regards, such as needing to file extra forms, keeping accurate travel records and more. Something you may be less familiar with, […]
Most Americans living abroad are aware that filing US expatriate taxes can be tricky, especially when it comes to determining which forms they’re required to include with their US Tax Return. There are some forms that are used for very specific situations, such as if you’re a shareholder in a Passive Foreign Investment Company (PFIC) […]
As we go through our lives, we work and we save so that we can have a happy, golden retirement. If you are living abroad, this may not be as easy as you might think. When you live in a foreign country, the banking and tax laws do not conform to the US rules and […]
As any US expat knows, there are a large number of tax forms that may need to be filed as a result of living abroad. Some of these forms are common and fairly simple to understand. Others, like Form 8621 — which is used to disclose passive foreign investments — are more difficult to understand. […]
While most US expats are now aware of the Foreign Account Tax Compliance Act (FATCA), which is designed to track US expats with accounts in foreign banks and institutions, many expats may not be as familiar with the IRS’s enforcement of Passive Foreign Investment Corporations (PFIC) regulations. Because the definitions are somewhat vague, many US […]
