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 [...]
If you are a freelancer, self-employed, or have income from sources that do not withhold taxes or your withholding is insufficient, you may be required to pay estimated tax to the US government. Here's what you need to know about estimated tax: What is estimated tax? It is very common for someone working in the [...]
In the past few years, there has been an upsurge in US citizenship renunciations. In a recent Forbes article[i], between 2005 and 2009, less than 2,500 people renounced their citizenship. Between 2010 and 2020, this number went up to 36,840. The reasons behind such renunciations could be political or personal and irrespective of the reasons [...]
Planning to sell your main home but concerned about the U.S. tax on the capital gain from the sale of your main home? You may want check if you can utilize the sale of home exclusion before selling your main home. What is the sale of home exclusion? If you are a U.S. citizen or [...]
If you have a foreign bank account(s), it is likely you’ll have FBAR and Form 8938 (Statement of Specified Foreign Financial Assets) filing requirement. Below are answers to a few basic questions related to those forms. What is FBAR and 8938? FBAR: The FBAR (Foreign Bank Account Reporting) formerly called the Report of Foreign Bank [...]