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Form 3520: Guide on reporting foreign trusts, inheritances, and gifts for US expats

Living abroad does not exempt US citizens from IRS reporting obligations involving foreign trusts and large foreign gifts. Form 3520 outlines what expats need to disclose and by what due date to avoid harsh penalties. This guide is designed to help US taxpayers understand what’s required and stay fully compliant. What i...

Understanding citizenship-based taxation: A guide for US expats

In the global landscape of taxation, most countries adopt a residency-based approach, taxing individuals based on where they live. However, the United States stands out with its citizenship-based taxation system. This means that US citizens are taxed on their worldwide income, regardless of where they reside. For American expa...

What is Social Security tax? An essential guide for expats and self-employed Americans

If you're a US citizen or resident working at home or abroad, understanding Social Security tax is crucial for your financial planning. This tax supports benefits that millions of Americans rely on for retirement, disability, and survivors. Whether you’re employed, self-employed, or living overseas, knowing how Social Security...

Form 8865 requirements for US taxpayers with foreign partnership interests

If you’re a US person with ownership or involvement in a foreign partnership, you may be required to file Form 8865. It’s technical and easy to overlook – yet failure to file can lead to serious penalties. This guide will help you understand whether you need to file and how to do it correctly to stay compliant. ...

Do US citizens living abroad pay taxes?

Living abroad doesn’t exempt you from US tax obligations. American citizens and permanent residents must report worldwide income, even if they haven’t set foot in the States for years. That might come as a surprise, especially if you’re already paying taxes where you live. Understanding how US citizens living abroad ha...

GILTI tax explained: Definition, calculation, examples & planning

Global Intangible Low-Taxed Income (GILTI) represents a significant component of US international tax law affecting businesses and individuals with foreign investments. It was introduced as part of the Tax Cuts and Jobs Act (TCJA) in 2017 to ensure that US taxpayers pay a minimum level of tax on foreign earnings, particularly those derived from i...