As a US expat, you may find yourself navigating the complex landscape of international taxation. One of the key areas of concern is the...
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Relief for Expats Owning Foreign Corporations in US Tax Court
For US expats who own businesses in foreign countries and need to file Form 5471, the recent Farhy v. Commissioner decision by the US Tax...
Federal Stimulus Checks
On March 25th, 2020 congress passed a federal stimulus package named Coronavirus Aid, Relief, and Economic Security Act (CARES Act), worth...
IRS has Deferred the Tax Payment Deadline by 90 Days!
For most US taxpayers, that means that the tax payment deadline, the deadline to pay, is now July 15, 2020 (previously April 15,...
5 things you need to know about the self-employment tax on US citizens abroad
US tax laws can be confusing. There’s a lot of specifics, and the language surrounding these specifics is pretty complicated—particularly...
The reality of owning a Controlled Foreign Corporation after Trump’s tax reform
Do you know that owning a Controlled Foreign Corporation got affected by New Tax Bill? In a nutshell, Trump's tax reform now means that...
Tax traps for U.S. citizens living and working in Canada
In order to combat tax evasion, the United States has put in place many rules. Today we discuss the ones directed at US citizens investing...
How to use Split Onshore/Offshore Structure to Avoid US Social Security Tax
And this week’s question comes from a digital nomad Chiang Mai, and the question is: Do self-employed US citizens abroad have to...
Are TFSAs Trusts Under US Tax Law?
This week’s question is a follow-up from last week’s blog post but comes from Loretta from Quebec, Canada. The question is: So, are TFSAs...
Are RESPs Trusts Under US Tax Law?
This week’s question comes from Amy from Canada. "I have heard that Canadian RESPs (Registered Education Savings Plans) may be considered...
Taking Advantage of Your Canadian Retirement Account as a US Taxpayer
This week’s question comes from Kathleen from Canada. She heard that Canadian retirement plans (RRSPs) and account are treated as trusts...
Are Self-Employed US expats obliged to Paying Social Security Taxes?
And now, the final follow-up question from our digital nomad in Chiang Mai: Should I pay Social Security (SS) contributions or not? Before...
Offshore entity to avoid Social Security Tax (and a US one)
So, if despite (partially) losing social security benefits, you still want to avoid paying Social Security Tax by being employed by a...
What is form 5471? (and a Controlled Foreign Corporation)
Form 5471 is used by shareholders of foreign corporations. Several categories are required to report their ownership, starting with an...