What is an ITIN? ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the Internal Revenue Service. It is specifically for nonresident aliens who fulfil filing requirements but are not eligible to obtain a Social Security Number (SSN) from the Social Security Administration (SSA). An ITIN does not offer work authorization or [...]
The Internal Revenue Service has recently created a list of the top “Dirty Dozen” tax scams for 2015. Common scams have included threatening phone calls and email phishing (stealing personal information or personal identity). The illegal scams can lead to potentially significant penalties and interest for taxpayers, as well as possible criminal prosecution for perpetrators. [...]
Here is some additional useful information to plan for year-end. Stamp Out Tax Season Stress! Are you ready for tax time? There are a couple of steps you can take now to alleviate some of the stress of filing your return. Plan to get organized early. Begin by putting together a tax folder with [...]
FATCA (Foreign Account Tax Compliance Act) is a US law introduced in March 2010. FATCA focuses on additional information reporting by US taxpayers about certain financial accounts and offshore assets. In addition, financial regulators, governments and banks are also affected. In foreign countries around the world, foreign institutions such as banks are required to report [...]
With the 2014 tax season underway, find US tax resources here: 2014 Tax Season Resources.
Do you have questions about the recent tax changes? We have provided some updates that could affect you. Please contact us today if you would like to schedule a consultation. Does the New Surtax Apply to You? As of January 1, 2013, there is a 3.8% net investment income tax on some categories [...]
One important benefit for US taxpayers living abroad is the foreign tax credit. The foreign tax credit prevents the dreaded double taxation by allowing taxpayers a dollar for dollar tax credit for foreign taxes paid. For most taxpayers, claiming a tax credit is more beneficial than claiming a tax deduction. The foreign tax credit is [...]
If you are a U.S. citizen or a U.S. resident alien living in a foreign country, you are subject to the same U.S. income tax laws that apply to citizens and resident aliens living in the United States. One potential benefit for U.S. taxpayers living abroad is the foreign earned income exclusion and housing exclusion [...]
Good organization and recordkeeping is very important when tax deadlines approach in April (June for those living overseas). Good recordkeeping will help you with the following: – Prepare accurate income tax returns – Ensures you will provide all necessary information to you CPA – Keep track of valuable deductible expenses – Give you peace of [...]
Most US taxpayers (citizens and resident aliens or greencard holders) living and working in Hong Kong or overseas are required to file US taxes if they meet certain minimum income levels. For tax year 2017, if you file as single, then you must file a tax return if your gross income is $10,400 USD or [...]