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What are the Reasons of Expatriate Tax Audit?

expatriate tax audit reasons
Expatriate tax audit…Did you have some sleepless nights because you received a letter from IRS? The idea of IRS audit sounds terrifying to many people so it is important to understand the reasons that you received a letter and the steps you should undertake to prepare for an audit. Reasons...
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Bona Fide Residence Test & US Expatriate

Any US expatriate moving overseas must be aware of the Bona Fide Residence Test. The main purpose of this test is to determine whether you can claim several deductions to minimize your US tax liability. Foreign Earned Income Exclusion is one of these deductions. There are several requirements that an...
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PFICs (Passive Foreign Investment Companies) Basics

Most of American expats find the issues of FBAR and FATCA to be confusing. However, many of them do not realize the complexity of tax rules covering Passive Foreign Investment Companies (PFICs). If you believe that this situation is not applicable to you, then read the following story. “Mark who...
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FATCA and Overseas Tax Return for American Expatriates in UK

We discussed earlier whether an American expatriate has to file an overseas tax return. FATCA is one of the latest forms introduced by the IRS. Some big news is finally coming to the U.K. American expatriates living in the UK must realize that FATCA is the fact of life in...
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How to Renounce Citizenship: History

American citizens are taxed on their worldwide income. This well-known fact is probably the main reason that more American expats renounce citizenship. Before we discuss the procedure to renounce citizenship, let’s review the history of tax system and double taxation in the USA. All other countries except for Eritrea use...
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