Starting with the 2025 tax year, the One Big Beautiful Bill Act (OBBBA) introduces several important changes that will affect U.S. taxpayers living abroad. Here is a concise summary tailored for expats: Key Individual Tax Changes Affecting Expats (Effective 2025): Permanent Extension and Increase of Standard Deduction: The increased TCJA standard deduction is now permanent and further increased [...]
As 2025 unfolds, U.S. taxpayers face a pivotal moment in tax policy. The House’s One Big Beautiful Bill Act (H.R. 1) and the Senate Finance Committee’s June 28 bill are reshaping the future of personal and business taxation. These reconciliation bills aim to extend, modify, or replace key provisions of the Tax Cuts and Jobs Act (TCJA), [...]
Summary of Key Provisions in the Proposed “Big Beautiful” Tax Bill In May 2025, the House Ways & Means Committee released an initial draft of the “Big Beautiful” tax bill, aiming to extend and make permanent many of the tax cuts originally enacted in 2017 under the Tax Cuts and Jobs Act (TCJA). While the [...]
LLC or S-Corporation? Here are some US Individual tax impact you may want to consider Entrepreneurs and real estate investors frequently turn to Limited Liability Companies (LLCs) for their versatility, liability safeguards, and estate planning benefits. As a preferred structure for new businesses and property ownership, LLCs can offer substantial advantages. However, they are not [...]
Great job if you have already filed your 2024 U.S. Individual Tax Return! For most individual taxpayers, the tax filing and payment deadline is Tuesday, April 15, 2025. If you are a U.S. citizen or resident alien residing overseas, you are allowed an automatic 2-month extension until June 16, 2025 to file. If you need to file [...]
We are excited to announce that our Managing Director, Christopher Chang, was a featured speaker at the American Chamber of Commerce Hong Kong event on March 19th. This event offers valuable insights as we explore what to expect from the Trump administration for US taxpayers living abroad. Here are the key takeaways from the event: [...]
There are few experiences that can strike as much fear as receiving a notice from the IRS, but in most cases, a calm and methodical approach can allow most issues to be resolved efficiently. Here are several reasons why the IRS might reach out with a notice, and we have several suggestions on how to [...]
If you’re starting a business, hiring employees, or need to file certain tax returns, you may be required to obtain an Employer Identification Number (EIN) from the IRS. Here’s what you should know: What is EIN? An Employer Identification Number (EIN) is a unique nine-digit number issued by the IRS to identify a business for [...]
Tax filing can be a daunting task for an expatriate, but with the right support, you can fulfil your obligations with confidence. Below, we answer some of the most frequently asked questions about filing taxes while living abroad. Q: If I live abroad, do I still have to file U.S. taxes? A: U.S. citizens and green [...]
Tax laws and regulations are updated almost every year and staying informed is essential for making smart financial decisions. As a US taxpayer, understanding these changes helps us take advantage of new opportunities and avoid potential challenges. It can be overwhelming to keep track of everything, but don’t worry, we are here to help. Below, [...]