U.S. Expats: How To Handle Delinquent Tax Returns
US citizens and residents living abroad are still required to annually file a US tax return and pay taxes on their worldwide income. US taxpayers, who have not filed US tax returns each year, are considered delinquent and can face potential civil and criminal penalties from the Internal Revenue Service (IRS). By Anthony N...
US Expats: Learn About The Statement Of Specified Foreign Financial Assets
In an effort to curb tax dodging by United States citizens with foreign assets, Congress passed The Hiring Incentives to Restore Employment Act. The act imposes a new reporting requirement for foreign financial assets, in addition to the requirement of filing an FBAR. The new law applies to specified persons with specified foreign financial assets which...
Five Things American Expats Need To Know About Foreign Bank Account Reporting
If you live abroad, chances are you have heard about FBAR and FATCA—but do you really know what they are and whether or not you need to file? It’s important that you fully understand because the penalties for failing to file if required can be steep! So let’s take a look at the five things...
Top Five Things to Be Aware Of Before You File Your US Taxes
It’s that dreaded time of year again—tax time! While US expats may cringe at the thought of filing US taxes, understanding the important US tax laws will make the filing process a lot easier By David McKeegan If you are a new expat, new to filing US taxes abroad or filing on your...
Tax Noose Tightens On Americans With Offshore Assets
International non-compliance has become a significant area of concern and focus for the Internal Revenue Service. Based on recent criminal prosecutions and convictions by the Department of Justice and global tax enforcement initiatives, it is clear that international tax is a top priority for the IRS and that the Agency will vigorously pursue offshore tax...
How to Catch Up On US Taxes
This article was written by David McKeegan from Greenback Expat Tax Services. All information was accurate as of January, 2015. If you are one of the many expats who doesn’t always stay up to date on the latest tax and filing obligations, you’re not alone! Fortunately, that’s where we come in. It’s our job to keep...
Expat Tax Equalisation: Yes, But Is It Fair?
In the other articles on expat tax equalisation we explored how it works and if you are paying too much. Now the question is, is it fair? This depends on whether you are seconded to a low tax or a high tax country. By The Fry Group In our experience, a country will operate a...
Expat Tax Equalisation: Paying Too Much?
With tax equalisation there are distinct swings and roundabouts, depending on in which country you are working. By The Fry Group In the article Expat Tax Equalisation: How Does It Work? We explained the theory behind this common expat pay arrangement. Of course, the theory is all well and good. An individual bears tax to...
Expat Tax Equalisation: How Does It Work?
The fundamental principle behind tax equalisation is that an expatriate should be no better off or no worse off as a result of being assigned abroad. By The Fry Group Tax equalisation is presumably in place to encourage expatriates to work for their employers wherever they may be sent, sure in the knowledge that they...