Dateline: Istanbul, Turkey To say that the US tax code is complicated would be an understatement. There are forms for every possible situation, income source, and individual. There are even tax forms and filing requirements for individuals who have never set foot...
Dateline: Tbilisi, Georgia Just the other day, we discussed the new requirements for IRS Form 5472 – an informational form for foreign-owned US LLCs. Today, we’re going to take on an equally-complicated form just one number different from 5472: Form 5471. Whereas Form...
Dateline: Bogota, Colombia Just the other day, I wrote about why I stopped following politics rather than stay and fight against a system that I did not agree with. Today, in light of Joe Biden’s inauguration, let me just further cement why entrepreneurs and investors...
Dateline: Kuala Lumpur, Malaysia Governments around the world have increasingly been imposing restrictions on both citizenship and obtaining an actual passport to travel on. From Canada’s creation of “second class citizens” to President Trump’s denaturalization of US...
As an expat or U.S. taxpayer who owns a foreign business or an interest in a foreign business (corporation, partnership or LLC), there are a number of forms that you must complete and file with your standard 1040F income tax return. These forms are typical...
As readers of this site know, the United States taxes its citizens (including expats who live and work abroad) and legal permanent residents (LPRs) on their worldwide income. No matter where in the world your income is derived, the US government wants its piece, and...
You’ve probably heard the expression that the only two things certain in life are Death and Taxes. The United States’ Internal Revenue Service (the IRS) works very hard at making the second item in that short list true, especially for expats and US foreign...
According to the Department of Homeland Security, there were 1.1 million new “Lawful Permanent Residents (LPRs) – known as Green Card Holders – admitted to the US in 2017. This coveted document is what you need to be a legal resident of the United States....
If you are a US citizen living abroad, you are required to file your annual taxes based on your worldwide income, not merely income earned in the US. This means that any foreign-earned salary, as well as foreign-earned interest, dividends, pensions, capital gains on...
Dateline: Kuala Lumpur, Malaysia Suppose you recently took a trip to Las Vegas, and you got lucky – in fact, you took home more than $10,000 in gambling winnings. If that’s the case, then you likely have a Currency Transaction Report on your tax file with...
FSay you’re a six- or seven-figure US-based entrepreneur who’s recently brought their business abroad. You find yourself traveling weeks at a time to tend to those businesses, and in the past couple of years, you’ve traveled so many days that you’ve ended...
Dateline: Tbilisi, Georgia Just last week, the House and Senate approved the Tax Reform bill and President Donald Trump signed it into law last Friday, December 22nd before leaving for his Christmas break in Florida. A couple of months ago, I wrote about what I...