Gifts and Inheritances from a “Foreign Person”
March 17, 2013
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We get a lot of questions about the taxation and reporting of gifts and inheritances from a “foreign person”. These rules aren’t well-publicized, so we
Is Foreign Mortgage Interest Deductible?
December 8, 2012
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A popular question we are often asked is whether interest paid on a mortgage for a residence in a foreign country is deductible. Fortunately, the
The Impact of the HIRE ACT on the Statute of Limitations
December 8, 2012
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In one of our most recent articles, we gave an overview of Form 3520-A. Associated with Form 3520-A is the is the Hiring Incentives to
Combat Zone Services
October 18, 2012
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Did you know as a contractor serving in a combat zone that you may qualify for special tax relief? If you are a qualified contractor
What should you do if you have unfiled FBAR Forms?
September 12, 2012
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An opinion for you to evaluate amongst the plethora of technical articles.
I speak with “criminals” on a daily basis regarding their unfiled FBAR forms and the potential penalties. As a result, I’ve heard as many different “strategies” on how to deal with them, and since jail would have been a likely result had they carried on with them, I feel like I should share some important information with all the other “criminals” out there.
Una cacería de impuestos en Estados Unidos
September 3, 2012
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El desconocimiento de las obligaciones tributarias con USA por parte de ciudadanos con doble nacionalidad, ha generado problemas a cientos de personas, quienes súbitamente ven amenazado su patrimonio
Why does the US tax its citizens on worldwide income?
August 30, 2012
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The U.S. is the only country that taxes its citizens on their worldwide income, no matter where they live and regardless of how long they have been overseas. Well, actually the U.S. is almost the only country. Eritrea has what is known as a “diaspora tax” on its citizens.
IRS Not happy about $450 Million in lost Revenue
August 12, 2011
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A recent study conducted by the Treasury Inspector General for Tax Administration (TIGTA) indicates that a large number of taxpayers living abroad are calculating incorrectly one of the most important elements of their tax return: The foreign earned income exclusion.
Living abroad and have not filed US Tax returns in several years?
February 3, 2011
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What to do if you have not filed a US tax return in several years and live abroad.
What is the foreign tax credit, Form 1116?
January 4, 2011
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The US reduces your income tax liability dollar for dollar for any taxes paid to a foreign government. This comes in especially handy when your wages exceed the foreign earned income exclusion, but there are several points to keep in mind, as the “dollar for dollar” part of the definition can’t unfortunately be taken verbatim. It was intended to avoid double taxation of US taxpayers.
