US IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney
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February 3, 2015
Heirs Can Be Left With Unpaid Tax Bills to IRS
January 31, 2015
Most Expata and Nonresidents May Be Exempt from US Health Care Tax or Required Insurance Coverage
Citizens living abroad and certain noncitizens - You are:
- A U.S. citizen or resident who spent at least 330 full days outside of the U.S. during a 12-month period;
- A U.S. citizen who was a bona fide resident of a foreign country or U.S. territory;
- A resident alien who was a citizen of a foreign country with which the U.S. has an income tax treaty with a nondiscrimination clause, and you were a bona fide resident of a foreign country for the tax year; or
- Not a U.S. citizen, not a U.S. national, and not an alien lawfully present in the U.S.
To read about the other exemptions from the US ACA health care law, and tax read the following link http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Exemptions
We are ready to help you with these complex rules. www.TaxMeLess.com We offer a mini consultation to give you answers to all of your expat and international tax questions. We also offer a service to review self prepared expat returns or foreign tax forms which is much less costly than having us prepare the returns. Email. ddnelson@gmail.com
January 27, 2015
US Expatriates - Every Resource You Need to Know about filing Taxes When Living Abroad
If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.
When to File
Where to File
Internal Revenue Service Center
Austin, TX 73301-0215
USA
January 23, 2015
US Tax Reporting of Foreign Pension Plans by Expats
January 19, 2015
TaxPayer Advocate Slams the IRS Offshore Programs as Unfair
http://www.forbes.com/sites/robertwood/2015/01/14/national-taxpayer-advocate-slams-irs-offshore-programs-fbar-penalties-demands-change/
When a US Expat is Married to a Nonresident Spouse - Many Planning Opportunities May be Available
Read more in the Wall Stree Journal Article Below:
http://blogs.wsj.com/expat/2015/01/12/ask-an-expert-tax-tips-for-u-s-expats-with-non-resident-alien-spouses/
Citizen Renunciation Fee to US Government Up 422%
Let us know if you need help with your renunciation of US Citizenship or Long Term Green Card Holder Surrender (8 years). We can help you comply with the Tax Laws and help you plan to avoid the possible tax on appreciated property. ddnelson@gmail.com
January 16, 2015
Don't Expect IRS Help in 2015
January 14, 2015
China Taxes World Wide Income The Same as US .. IRS
Read more in Forbes Article. China Plans to start enforcing law in 2015.
http://www.forbes.com/sites/taxanalysts/2015/01/13/chinas-fiscal-roadmap-tax-like-america/
January 10, 2015
College Savings Plans for Expats & Chidren - IRC 529 Plan
Great tax saving and planning Tool. Read More
http://blogs.wsj.com/expat/2015/01/05/ask-an-expert-tips-for-u-s-expats-using-529-college-savings-plans/
December 31, 2014
Affordable Health Care Law for Expatriates for 2014 (Obama care rules)
U.S. citizens living abroad are subject to the individual shared responsibility provision. However, U.S. citizens who are not physically present in the United States for at least 330 full days within a 12-month period are treated as having minimum essential coverage for that 12-month period regardless of whether they enroll in any health care coverage.
In addition, U.S. citizens who are bona fide residents of a foreign country (or countries) for an entire taxable year are treated as having minimum essential coverage for that year. In general, these individuals qualify for the foreign earned income exclusion under section 911.
Individuals may qualify for this rule even if they cannot use the section 911 exclusion for all of their foreign earned income because, for example, they are employees of the United States. Individuals that qualify for this rule need take no further action to comply with the individual shared responsibility provision during the months when they qualify.
They will report their status with their federal income tax return on Form 8965.
See Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, for further information on the foreign earned income exclusion.
U.S. citizens who do not meet the physical presence or residency requirements must have minimum essential coverage, qualify for a coverage exemption, or make an individual shared responsibility payment when they file their federal income tax returns. Note that minimum essential coverage includes a group health plan provided by an overseas employer.
Download IRS Publication containing all rules by clicking HERE
2015Year End Tax Strategies
December 22, 2014
7 Big Tax Changes in 2015!
December 14, 2014
December 13, 2014
Nonresident Aliens May Be Subject to US Estate Tax (and Must file an Estate Tax Return) on their Assets in the US
Deceased nonresidents who were not American citizens are subject to U.S. estate taxation with respect to their U.S.-situated assets.
December 10, 2014
2015 New IRS Mileage Rates ..Based on old high Gas Prices
Read more here. http://www.forbes.com/sites/kellyphillipserb/2014/12/10/irs-announces-2015-standard-mileage-rates/
Let's hope gas prices remain down since mileage rates are based on previous high gas prices.
December 3, 2014
Wall Street Journal's Mini Guide to US Expat and Financial Issues
December 2, 2014
Self Employment Taxes (social security and medicare) for US expatriates working abroad.
The US has social security agreements with the countries listed below. These agreements provide that if a US Expatriate in working in a treaty country, in many instances (it can vary by the country) they may elect coverage under US social security or the social security program of the country in which they live and work. This only applies if the expatriate is self employed. If the US expat is an "bonafide employee" of a foreign corporation subject to all the normal tax withholding and employment laws of that country they do not need to pay US social security.
If the country you work in DOES NOT have a social security agreement with the US, you must pay US self employment tax (social security plus medicare tax) on your net self employment income (after deducting expenses) whether or not you are paying social security or its equivalent in your country of employment.
The foreign earned income exclusion does not apply to US self employment taxes and does not reduce the self employment tax you owe even though it does reduce you income subject to US income taxes.
Social Security Handout on International Social Security Agreements Benefits
Countries with Social Security Agreements | |
---|---|
Country | Entry into Force |
Italy | November 1, 1978 |
Germany | December 1, 1979 |
Switzerland | November 1, 1980 |
Belgium | July 1, 1984 |
Norway | July 1, 1984 |
Canada | August 1, 1984 |
United Kingdom | January 1, 1985 |
Sweden | January 1, 1987 |
Spain | April 1, 1988 |
France | July 1, 1988 |
Portugal | August 1, 1989 |
Netherlands | November 1, 1990 |
Austria | November 1, 1991 |
Finland | November 1, 1992 |
Ireland | September 1, 1993 |
Luxembourg | November 1, 1993 |
Greece | September 1, 1994 |
South Korea | April 1, 2001 |
Chile | December 1, 2001 |
Australia | October 1, 2002 |
Japan | October 1, 2005 |
Denmark | October 1, 2008 |
Czech Republic | January 1, 2009 |
Poland | March 1, 2009 |
Slovak Republic | May 1, 2014 |