It’s been a big week of expat tax news! Find out information about overseas real estate investment, Streamlined Filing Procedures for expats who are behind on their taxes and need help filing US taxes abroad, the National Taxpayer Advocate’s Mid-Year Report concerning passport revocation, and an update to the Repatriation Tax!
Real Estate Investment Guide
If you’re an expat entrepreneur, you may have considered investing in real estate overseas. Before you do, download our free guide so that you can avoid first time buyers’ mistakes the next time you’re filing US taxes abroad. Considering the tax implications in advance of your investment can save you time, money, and frustration! Find out more about what’s included in the guide in our summary.
The Repatriation Tax and You
Are you a US owner of a foreign business? If so, then you might be interested to know that the IRS is issuing new guidance on the repatriation tax. The 250-page proposed rules will provide much-needed direction on the calculation and reporting that is needed in order to comply with the new regulations. Keep an eye out for more information from us over the coming weeks, as we’ll be decoding the new guidance so you don’t have to!
Help for Expats Behind on Their Taxes
The IRS has amnesty programs for those who are behind on their taxes, including the Streamlined Filing Program, which helps certain expats catch up penalty-free. Find out if this program is right for you.
Filing US Taxes Abroad? If You Owe, Your Passport May Be in Jeopardy
The National Taxpayer Advocate’s Midyear report was recently released, and some issues relevant to expats are currently being addressed. For one, if you owe $51,000 or more in taxes, the IRS can revoke your current passport or deny your application. However, the National Taxpayer Advocate has noted in the report why this is problematic for many Americans.
Greenback Review of the Week
Thanks to Jon for the fabulous recommendation!
Have you had an experience like Jon? If so, when you refer us to a friend and they complete their Federal Tax Return with us, you’ll receive a $25 credit toward your next tax prep service!
If you love helping expats as much as we do, consider joining our fully remote team. We’re hiring 8-10 expert expat tax accountants. Get the details here.
See You Next Friday
You’re all caught up on the latest expat tax news. If you have any questions for us, we’d love to answer them! Contact us today.