Overview of Expiring TCJA Provisions The Tax Cuts and Jobs Act (“TCJA”) introduced various tax cuts and simplifications that have benefited millions of Americans. However, many of these provisions are set to expire on December 31, 2025, which could lead to substantial tax increases for individuals and families. Key provisions at stake include: Marginal Tax [...]
For many U.S. Citizens, working in a foreign country can be an exciting opportunity to be exposed in a new environment. Yet with new opportunities, however, also comes with new risks, as many expats do not recognize that they have U.S. tax filing obligations. There are many nuances and complexities for U.S. tax laws, of [...]
At American Pacific Tax, our vision is to be the best service provider for Individual Taxpayers located in Hong Kong and Asia. Prospects and clients have asked us why they should choose American Pacific Tax as a service provider and here 5 reasons!!!!! 1. Expertise and Helpfulness Our firm has been established in Hong [...]
Beneficial ownership information reporting is a key initiative introduced by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), aimed at increasing transparency in corporate ownership and combating illicit financial activities. Background The Corporate Transparency Act, enacted in 2021, mandates that many entities doing business in the United States disclose information about [...]
1) When is the due date for filing my federal individual income tax return? Can I request an extension? Return Type Original Due Date Extended Due Date Form 1040 Individual April 15th If you're a calendar year filer and your tax year ends on December 31. October 15th If you have previously filed an extension [...]
Unlocking Potential and Embracing Innovation in the Digital Age Hong Kong Fintech Week 2023 concluded last week, attracting a distinguished gathering of top industry leaders. The event, held at the prestigious Hong Kong Convention and Exhibition Centre, brought together influential figures from finance, technology, academia, and regulatory sectors. These elite leaders delivered captivating speeches, engaged [...]
Are you planning to relinquish / give up your US citizenship? However, you have never filed any US tax returns and are worried about the potential issues with the Internal Revenue Service (IRS)? In these situations, you should obviously consult with the appropriate tax and legal advice about your situation. One option the IRS has listed [...]
If you are not sure how many Mandatory Provident Fund (“MPF”) personal accounts you are holding, you may use the e-Enquiry of Personal Account (“ePA”) platform. The ePA is an electronic platform established by the Mandatory Provident Fund Schemes Authority (“MPFA”) to provide an easy-accessible channel for members of Mandatory Provident Fund (“MPF”) schemes to [...]
What is Form 8833? Form 8833 is a document that taxpayers must file with the Internal Revenue Service (IRS) if they are claiming a treaty-based return position. A treaty-based return position is when a taxpayer is claiming a tax treaty benefit that overrides the Internal Revenue Code (IRC). Form 8833 is used to disclose the taxpayer's position and provide the necessary information [...]
Receiving a letter from the IRS can be a daunting experience, but it's important to remember that not all letters are bad news. In fact, many letters are simply informational or request additional information as the IRS may need verification in order to process your tax return. Here are some common reasons why the IRS [...]