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

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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…
by Kauffman Nelson LLP CPAS and Don D. Nelson , Attorney,  Charles Kauffman CPA If you are a US Citizen or green card holder you must file a US tax return every year unless your taxable income is below a certain threshold.  Even if your income is below that threshold, you may still be required to file certain forms to report foreign assets, etc. Failure to file these forms can result in severe IRS penalties.…
If you are a expatriate and have assets in the USA or are a US nonresident with assets in the USA it can save you substantial legal expenses, time and taxes to do the proper estate planning.  If you have assets abroad outside of the USA it also is wise to plan for the disposition of those assets under the laws of the country where they are located.  Though some countries may recognize the US…
The winners under the new tax law are large corporations, the wealthy and in many situations small business owners.    As an expatriate there is now a new GILTI tax on your share of controlled foreign corporations, whether large or small. The losers are those in high tax states (NY, California, Etc) and all taxpayers due to the skyrocketing deficit which increases by the minute due to high federal spending and not enough tax revenues…
Foreign property (real estate) taxes aren’t deductible on tax year 2018 through 2025 returns due to the Tax Cuts and Jobs Act. This rule applies to a personal residence or second property. In 2017 and prior years, foreign property taxes could be deducted.  Property tax deduction on foreign rental properties are subject to the same rules as your US rental property. You can still deduct the mortgage interest on schedule A on foreign real  property…
Need to know the income taxes, corporate taxes in the country you are living in or the country you plan to move to after you leave the USA to retire or work?   The links below will provide you with almost all the information you might need. CORPORATE TAXES IN FOREIGN COUNTRIES INDIVIDUAL TAXES IN FOREIGN COUNTRIES  If you need assistance with planning your US tax when abroad, preparing the necessary returns, and other IRS or…