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, [...]
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 [...]