As a U.S. expat, you may have heard about the latest and greatest IRS amnesty program available for delinquent U.S. taxpayers known as the “streamlined procedures.”  What you may not know is that if you continue to spend a significant time in the U.S. each year, your eligibility for the procedures and your ability to obtain penalty-free relief may be in jeopardy.

The key issue here is “residency,” which separates the friendlier “foreign offshore” procedures (available for taxpayers residing outside the U.S.) from the harsher “domestic offshore” procedures (available for taxpayers residing in the U.S.)

For instance, a domestic resident taxpayer that has failed to file a U.S. income tax return in any of the three most recent tax years cannot participate in the domestic offshore Read More

If you are a U.S. citizen living abroad, here’s the good news – you actually belong to a group that fares significantly better financially than your counterparts still living in the United States. According to a survey cited recently in the Wall Street Journal, 19% of the expatriates surveyed earned $150,000 a year or more, compared with only 9% in the U.S., according to IRS tax return statistics. Expectantly, with the good news comes some unfortunate news, at least at first glance. The U.S. tax system happens to be one of the most aggressive systems in the world, mainly because it taxes citizens wherever they reside. This can lead to a sticky situation for citizens living abroad who suddenly come to realize that they have not remained current with the legally required filing of their U.S. federal income tax returns or other information reporting requirements. Very often, this Read More

What Are Your Tax Filing Obligations As A U.S. Citizen Living Abroad?

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Introducing Tax Experts: Ephraim Moss and Joshua Ashman, ExpatTaxProfessionals, U.S. And U.K.

Ephraim Moss

 

 

Joshua Ashman

 

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“Passion is absolutely necessary to achieve any kind of long-lasting success.” In a minute, I will share with you who that quote belongs to but for this moment  remember that passionate people have very strong beliefs. As I was arranging speakers for the Internet Tax Summit, the passion these tax experts have in protecting taxpayers and businesses was prevalent. You know when you encounter people in life with purpose and passion for what they do; you know they get things done.  You can expect to encounter tax professionals who get things done at TaxConnections Internet Tax Summit. You are  invited to meet and interact with Tax Experts in this historical event where individual taxpayers and business leaders meet tax experts during an online event. It is free so all you need to do is register and we will send you a link to access the Internet Tax Summit. Read More