Tax Season Tips for U.S. Immigrants

Immigrants coming to the US would be considered resident alien if spending too much time in the US. With that classification comes 1) the fact that they are taxed on their worldwide income 2) various reporting requirements for foreign bank accounts, foreign corporations, foreign trusts (including banking products which were typical/widespread in their home country). ...

How to Stop Being a US Resident and Taxpayer

How to Stop Being a US Resident and Taxpayer

Are You Tax Non-Compliant? You Might Not Be in as Much Trouble as You Think

Are You Tax Non-Compliant? You Might Not Be in as Much Trouble as You Think

Tax non-compliant, you might be ok

Tax non-compliant, you might be ok
Hi, This post is for those who have friends who might not be tax compliant. My goal is to put a little bit of perspective, so that you know instances in which your friend is ok. (The IRS has programs such the “Streamlined Foreign Offshore procedures” to remove any penalty, but I am limiting this ...

The IRS might know what is in your non-US bank accounts. What can you do about it?

The IRS might know what is in your non-US bank accounts. What can you do about it?
Hello, In a sign of the United States again thinking it can apply its laws in foreign countries, it passed the FATCA law. It became effective on ‎March 18, 2010. The threat to US persons living in Canada grew as the Canadian government signed an Inter-Governmental Agreement to allow Canadian banks to share their customers’ ...

Are you a US citizen with a foreign bank account and are concerned that the IRS might have your info? 2

Are you a US citizen with a foreign bank account and are concerned that the IRS might have your info?
Hello, The United States passed the FATCA law. It became effective on ‎March 18, 2010. Canadian banks (also known as Foreign Financial Institutions – or FFIs) have been checking their existing accounts for “indicia” that their customers might be US citizens, until July 1st 2014 when it transmitted the data of such US citizens to ...

When are you no longer a US taxpayer (Permanent resident)

When are you no longer a US taxpayer (Permanent resident)
A common mistake of people who are lawful permanent residents of the United States (commonly known as Green Card holders) is to think that the tax law and immigration benefits go hand-in-hand. Unfortunately, this is not necessarily true, as the Tax Court demonstrated in 2014 in the case Gerd Topsnik c. Commissioner, 143 TC No. ...

The Top Ten Reasons for US Expats to Hire an International Tax Expert

The Top Ten Reasons for US Expats to Hire an International Tax Expert
1. If you are a US citizen or Green card holder living and working abroad, you are required by law to file a US tax return each year. Most US Expats would do well to remember Al Capone, the notorious Chicago gangster, who was suspected of murder, racketeering and many other serious crimes. The government ...

When are you no longer a US taxpayer (relinquishment after 2004)

When are you no longer a US taxpayer (relinquishment after 2004)
Hello, This is Olivier Wagner from 1040 Abroad. This week’s question is: If you live outside the U.S. and relinquished US citizenship by performing an expatriating act after June 3, 2004, but failed to inform the Department of State are you still a U.S. taxpayer? Answer Yes. In 2004, IRC sections 7701(50) and IRC section ...

On my way to Portland, OR – and sourcing under the US-Canada tax treaty

On my way to Portland, OR - and sourcing under the US-Canada tax treaty
Hello from the Amtrak bus, This is Olivier Wagner from 1040 Abroad. I am going from Vancouver, BC Canada to Portland, OR United States. If you are going to Pioneer Nation, let me know, I’ll buy you a drink, also I’ll be in DCBKK (Dynamite Circle conference in Bangkok), same deal, let’s meet up. Nice bus ...