Thanks for tuning in for this week’s expat tax news roundup, where we are covering the latest and greatest expat-related info so that you don’t have to track it down yourself! This week, find out about what to do if you owe money to the IRS and how to navigate the wild world of expat extensions, for those who are filing taxes late. Also, read about the IRS’ newly released guidelines on the transition tax for foreign earnings and our Facebook reviews!
Info for Expats Who Owe Money to the IRS
With the many exclusions available to expats (for example, the Foreign Tax Credit, the Foreign Earned Income Exclusion, and the Foreign Housing Exclusion), many expats find that they do not owe taxes. However, those that do owe will want to read our guide about how savvy taxpayers make sure that they are spending the least and don’t wind up paying penalties even if they are filing taxes late.
Filing Taxes Late? Extensions for Expats
If you’re running late on filing taxes this year, our guide to expat extensions is meant for you. Find out which extensions are automatic, which require an application, and what the deadlines mean for your foreign bank account reporting requirements!
Secure, Simple Tax Preparation
If you’re an expat seeking more information about tax preparation, look no further than MyExpatsWorld’s write-up about Greenback Expat Tax Services! Read about the details expats need to know in 2018, boiled down for quick consumption.
The People Have Spoken
Just this week, more expats have taken to Facebook to share their love of Greenback! Thanks to Nicholas F. who said, “They provide stellar service – timely, detailed, responsive,” and to Janet M. for mentioning, “Greenback is amazing. I will use them again and again. Perfect for managing the complicated finances of an international nomadic/expat lifestyle!” Wow! We’re so proud of our 4.7 out of 5-star average. If you’ve used Greenback for your expat taxes, we’d love for you to leave us a review!
IRS Provides Guidance on Transition Tax
The Tax Cuts and Jobs Act (TCJA) has far-reaching consequences for many American taxpayers. One of the changes that was not fully expounded was how to compute the transition tax for untaxed foreign earnings of foreign subsidiaries of U.S. companies. But that has changed! Recently, the IRS issued additional guidance on this and is asking taxpayers what still needs further explanation from the TCJA. Read the full article on the IRS website.
Take the 2018 US Expat Survey
If you haven’t taken our annual expat survey yet, now is the time! You could win a $1,000 gift card to Hotels.com, plus you’ll know that you are helping advance expat interests around the world.
Goodbye For Now
That’s all the expat news you need to know this week. If the approaching deadline has you in a panic, feel free to reach out to us with any last-minute expat tax preparation questions you have!