U.S. Income Tax for Expatriates, Nonresidents & U.S. International Tax Matters

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You may be obligated to report your foreign financial accounts on line using form 114. Failure to do so may cause the IRS to assess penalties of $10,000 or more …. and there are also criminal penalties. Learn more in the Forbes article HERE Also if you have other types of foreign assets such as foreign corporations, foreign partnerships, foreign LLCS, foreign bonds, stocks, etc. you may be required to file form 8938 with your…
You may be obligated to report your foreign financial accounts on line using form 114. Failure to do so may cause the IRS to assess penalties of $10,000 or more …. and there are also criminal penalties. Learn more in the Forbes article HERE Also if you have other types of foreign assets such as foreign corporations, foreign partnerships, foreign LLCS, foreign bonds, stocks, etc. you may be required to file form 8938 with your…
For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject to income or employment taxes. Under last year’s tax reform legislation, employers must include all moving expenses, in employees’ wages, subject to income and employment taxes. Exception Generally,…
Has your business ever received a large cash payment, and you were not quite sure what Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions. your reporting obligations were regarding that large payment? The general rule is that you must file Form 8300, The Form 8300 provides…
If you have assets located in the US and want to avoid time consuming and expensive court probates you need a living trust with respect to your US assets. Such a trust also assures you that your US assets upon your demise will go directly to the individuals you name as beneficiaries.  Read more in the Forbes articles the 10 reasons you need a a living Trust (over which you have total authority while you…
U.S. corporations reported more foreign income in Bermuda than in any other sovereign nation in the Americas in 2016, despite having only 384 total employees located there, according to data recently released by IRS. This may be one good indicator  if you are a US entrepreneur located  abroad where to locate your foreign corporation for best foreign tax breaks, etc.  Check Bermuda taxes out here. Have questions on your US taxes, forms or planning for…
A “MINI TAX CONSULTATION” IS NOW AVAILABLE with a US Attorney by Phone or Skype: If you have specific tax questions on your personal situation and need to discuss it with an US expatriate international tax expert, with the protection of  Attorney-Client privilege, you can request a “Mini Consultation.”   “Mini Consultation” costs a minimum of $300 US for up to 30 minutes of Mr. Nelson’s professional legal tax advice over the phone, skype or by  email from any where…
If you check “No” on schedule B that you do not have a foreign bank account and check “No” that the combined balances of all of your  foreign bank and financial accounts ever exceeded $10,000US has been held by the Courts to show your personal intent to violate the law.  If you have foreign bank or financial accounts (including foreign stock brokerage accounts) you may need to amend your returns and file form 114 for…