A PFIC is a Passive Foreign Investment Company. It’s an investment fund or collective investment and it is taxed at a disadvantageous rate in the US. The PFIC problem is a confusing one and is a common US Expat mistake. Failure to address PFIC problems once they are identified...
Each and every taxpayer, independent of where they reside, has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them.
Planning your financial future can be a daunting task at the best of times. It can require a degree of introspection around the "big" life moments e.g. when can I afford to retire, which can appear intimidating. For this reason, the use of cashflow modeling can offer a sense of reassurance and is...
If you are a US citizen required to file income taxes, here are some of the key dates you need to keep in mind in 2023:
You are an overseas American now confronted with tax and banking issues in the United States. Overwhelmed? Frustrated? Confused? You are not alone. Recently, a reported 9 million US Americans live overseas, and the majority have some sort of tax and banking issues.
The first question is usually "Where Do I Start?" which is quite easy...
You can claim the Child Tax Credit for each qualifying child who has a Social Security number.
To be a qualifying child for the 2021 tax year, your dependent...
April 18, 2022
Note: Expat children with foreign financial accounts are also required to file FBARs
