13 04, 2021

2020 U.S. Tax Updates – American Pacific Tax

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Great job if you have already filed your 2020 U.S. Individual Tax Return! If you have not filed, the IRS announced in March 2021 that the 2020 federal individual income tax filing due date is automatically extended from April 15, 2021, to May 17, 2021.* If you are a U.S. citizen or resident alien residing overseas, you [...]

31 12, 2020

My Hong Kong bank is asking me for a W-8 or a W-9 for my personal account? Which one should I use?

2020 Tax updates, foreign taxes, US taxes|0 Comments

The Foreign Account Tax Compliance Act (“FATCA”) is a 2010 US law requiring foreign financial institutions (FFIs) to review data for their account holders and identify all their US account holders or be subject to withholding on certain payments. FORM W-8 These foreign financial institutions would request W-8 series forms to identify and document their [...]

30 12, 2020

Year-End Tax Planning – 2020 U.S. Tax Updates from American Pacific Tax

2020 Tax updates, foreign taxes, Tax update, US taxes|0 Comments

Happy holidays!  We just celebrated our 8 year anniversary this month and have been continuously looking for the best ways to help our clients, even in these challenging times! As we wrap up 2020, year-end tax planning has never been more crucial. This year brought challenges and disruptions that significantly impacted your personal and financial [...]

24 11, 2020

Own a foreign corporation? What type of tax filing is required?

entity reporting, foreign corporation, foreign taxes, Resources, US taxes|0 Comments

 Who files Form 5471? Any U.S. citizen, U.S. resident alien, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, will likely be required to file Form 5471. The tax code explains that any “U.S. person” who meets certain requirements relating to ownership or control of the foreign corporation would [...]

14 02, 2020

I made a gift, now what?

FBAR, US taxes|0 Comments

Holidays season has just passed and you’ve probably gave away a lot of presents. Have you ever wondered whether these gifts are subject to any tax? What is a gift? A gift is made when the value of the property transferred (directly or indirectly) exceeds the value of consideration received in return. Thus, if you’re [...]

12 02, 2020

Important U.S. Tax Filing Deadlines for Taxpayers Overseas

Tax Filing, US taxes|0 Comments

For U.S. citizens or resident aliens, the rules for filing income tax returns and paying estimated tax are generally the same whether taxpayers are in the U.S. or abroad. All worldwide income is potentially subject to U.S. income tax. For U.S. citizens living oversea, there are additional filing requirements/deadlines that need to be addressed. Please [...]