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TAXABLE GAINS FROM
FOREIGN CURRENCY CONVERSIONS
In recent years the euro has outpaced the dollar in value. Only a few years ago $.88 could purchase €1,00. Now (November 2006), $1.27 is required to to acquire one euro. How does the tax man look at this foreign currency fluctuation? Because an investor can have a gain from sale of an asset but also in the process a gain in the value of the euro against the dollar.
WHAT FINANCIAL ASSETS DO
IRS wants to monitor how much you have invested in foreign financial accounts. Do you really have to comply? Read about the risks and requirements for Form TD F 90-22.1.
THE PATRIOT ACT AND AMERICAN EXPATRIATES
The effect of the Patriot Act paticularly on expatriate filing requirements and some consequences for failure to do so.
AMERICAN EXPATS AND FOREIGN EARNED INCOME
What is foreign earned income and what are some consequences for failing to report such income to IRS?
TAX INCREASE PREVENTION AND RECONCILIATION ACT
In spite of this bill just signed into law by President Bush extending reduced tax provisions favouring capital gains and qualified dividends, TIFRA will affect American expatriates adversely.
RECENT LEGISLATION AFFECTS AMERICANS ABROAD
The Foreign Earned Income Exclusion is increased. But so is the tax bracket for Americans living abroad.
DID YOU SAY CHARLA?
What happens when a self-employed expatriate neither reports nor pays taxes to his foreign country of residence, and what can happen when the rule of law deteriorates.
US TAX TREATIES
There are over 60 tax treaties between the United States and foreign countries. What are some benefits of these treaties?
BUSH'S SURGE AND U.S. TAXATION
What will be the impact of Bush sending another 20,000 troops to Iraq on the American economy and taxation?
DOUBLE TAXATION CAN AFFECT AMERICANS ABROAD
Changes in the Foreign Earned Income Exclusion (and Foreign Housing Exclusion) mean that more Americans in 2006 will pay taxes to IRS on their already taxed foreign earned income.
TO FILE OR NOT TO FILE
Another look at basic filing requirements, and what is represented by Form 1099.
TAXED AND TAXED AGAIN
Now that tax filing season has arrived, how can TIPRA really affect Americans abroad?
American Expats Year End Tax Planning
Year end tax planning in 2008 involves manipulating business income and expenses if your are self-employed and/or do business in rentals but also considering whether Obama will raise taxes in 2009.
Foreign Earned Income and Roth IRAs
Roth IRA background, requirements, impact of Foreign Earned Income Credit on Roth IRAs. This article is a very good explanation of how American expats are limited in setting up this retirement IRA.
DIFFERENT STROKES FOR AMERICAN FOLKS
Will the Economic Stimulus payment program stimulate the economy? Or is the deficit and weak dollar destined to prolong a recession?
IS YOUR LIFE A GAS?
Fast driving on the hiways may be seductive. But it is dangerous and requires a greater expenditure of pre-taxed income to be supported.
MUST A TAX RETURN BE FILED?
American expatriates must file a tax return if their income is above a certain threshold.
A QUESTION OF TAX COMPLIANCE
Americans living abroad are directly affected by Double Taxation treaties. One taxpayer learned the hard way about reporting his U.S. income to the tax authority in his country of residence.
TAX RETURN PREPARERS
IRS is in the process of regulating tax return preparers. Find out what to look for when you select one.
HAVE YOU MET WEP YET?
New tax legislation passed in 2005 under the title Windfall Elimination Provision reduces Social Security pensions for Americans living and working overseas.
A MINORITY WITH SENIORITY
Help for seniors with their tax filing requirements and some benefits for being over 65.
LOSSES ARE NOT ALWAYS CAPITAL
Even though capital gains tax rates are lower than ordinary rates, there can be severe consequences for "gifting" versus "inheriting" a capital asset.
Be extra careful when communicating with the taxman. Otherwise misunderstandings can create unexpected outcomes.
A VICTORIAN WEDDING
A little year end tax planning can save taxes and anxiety.
US EXPATS AND FOREIGN CORPORATIONS
For expats who have invested in foreign corporations, there are some complex filing requirements that can affect them.
PARTNERSHIPS - I DO IF YOU DO
What does the Internal Revenue Service mandate for the filing of foreign partnership returns? And what are the penalties for failure to comply?
US TAXATION OF THE FOREIGN LIFE INSURANCE
Is the foreign life insurance annuity really non-taxable as some investment advisors claim? Or should you take another look at this complex investment vehicle.
ENNOBLING YOUR LEGACY
Estate tax filing requirements, how to go about valuing an estate, potential tax consequences and one way to avoid those hefty taxes.
THE STATE OF YOUR PERSONAL ESTATE
American expats are taxed on the value of their world-wide estate even though their country of residence also wants a slice of the pie. What are some of the complications?
ESTATE PLANNING AN IMPORTANT FACET
How much can you be taxed on your estate? Without estate planning, your heirs could pay a lot!
AN INTERNATIONAL SCAM?
How an American expatriate couple were victimized by credit card fraud and their difficulties resolving the matter with their U.S. bank.
What is identity theft, how can it occur and what can you do to protect yourself?
SPAMMED OR SCAMMED
IRS identifies 12 most blatant scams affecting American taxpayers.
SHOW ME YOUR MONEY
Internal Revenue Service moves to employ services of three collection agencies to collect back taxes from delinquent taxpayers.
OFFER IN COMPROMISE
What happens when you can't pay your taxes? Find out how to be eligible for an offer in compromise.
IN PURSUIT OF DELINQUENT TAXPAYERS
IRS to employ the services of collection agencies to collect delinquent taxes.
ABUSIVE OFFSHORE TAX HAVENS
The IRS is targeting offshore tax shelters (OTS). What is an OTS? What is considered illegal by IRS. What is acceptable?
US ECONOMY HIT BY TAX EVASION HAVENS
Wealthy Americans avoid paying up to $70b in taxes by sheltering funds offshore.
INCREASING PERIL OF COLLABORATION BETWEEN
IRS shares tax filing information with foreign country to compel world-wide reporting of income.
IRS TO PURSUE AMERICAN EXPATRIATES
The Internal Revenue Service is launching a new audit initiative to catch non-filers and negligent filers.
AMERICAN EXPATRIATE AND TAXPAYER ADVOCACY
The IRS Taxpayer Advocacy program is an option intended to help taxpayers resolve problems with Internal Revenue Service. One American expatriate was unable for over a year to obtain a Tax Identification Number for his alien spouse through normal IRS channels. The jury is still out on whether the Advocacy program can undo the sins of its parent sponsor - IRS.
The Secret's Not a Secret Anymore
Rhonda Byrne's book has sold 5.2m copies as of 30 June and is being translated into 35 languages. What is all the hype and can humans really transmute thought into matter?