By Olga Kocybik (AIWC Düsseldorf)
If you are a US citizen or resident alien living outside the United States, even though you may not owe any US tax, you generally are required to file US income tax returns, estate tax returns, and gift tax returns. Some may also be required to file a state or local tax return.
Regardless of...
LB&I “Overseas Filing for US Taxpayers” Webinar May 25
LB&I International Individual Compliance will present the...
The IRS has issued a Tax Guide for U.S. Citizens and Resident Aliens Abroad, with all the basics you should need for filing your 2015 return.
(Remember that U.S. citizens and resident aliens are responsible for reporting their worldwide income and that very specific rules apply to filing from abroad. You may need professional advice but you can at least...
On September 18, the IRS issued Notice 2015-66 which provides that Foreign Financial Institutions (FFIs) in countries with "Model 1" Intergovenmental Agreements (IGAs) will be treated as FATCA compliant, and not subject to FATCA withholding by the IRS, if those jurisdictions notify the IRS before September 30 of this year that they require more time to put their systems in...
Quietly and with no fanfare, a bill was signed into law by the President on July 31 that comes in direct answer to proposals made for several years by FAWCO and its partner organizations, as well as the National Taxpayer Advocate. Beginning in 2016, taxpayers (including overseas filers) will file FinCEN Form 114 at the same time, and subject to...
As almost everyone knows today, most US citizens and green card holders are required to file an annual tax return on their worldwide income, whether or not any tax is owed (see page 7 of the 1040 Instruction booklet for the minimum filing thresholds). No one likes paying taxes but the law is the law (until it is changed!), and...
As a non-partisan organization representing the interests of all overseas Americans, FAWCO supports all efforts to eliminate or alleviate the damaging effects of FATCA. Since the very early days of FATCA, FAWCO has supported the “safe harbor” concept, which would eliminate the accounts held by overseas taxpayers in the country where they are fiscally domiciled from FATCA reporting. FAWCO's concern...
