A foreign-owned single-member LLC is treated as a corporation for US tax reporting requirements. Foreign-owned corporations must file IRS Form 5472 or they face up to $25,000 in penalties. How do you prevent Form 5472 penalties? Start by making sure that you...
Tax season is here. The IRS started accepting tax returns for the 2021 tax year. Make sure that you are aware of the 2021 deadlines, including the new deadlines for individual and self-employed filers. Below are the key due dates you need to know for your 2021 tax...
For Americans living abroad, the rules for US expat taxes can be overwhelming and confusing. Even worse, if you fail to file correctly, it can result in significant penalties or even legal repercussions. Nonetheless, when strategically prepared and filed correctly,...
By Vincenzo Villamena, CPA You would think that moving away from the United States lets you off the hook from filing US state taxes. But unfortunately, some US states require that expats pay state taxes. It is a common misconception that you only file state taxes if...
With the new year quickly approaching, now is the time for year-end tax planning, especially for expats! We share our top year-end tax tips here. With the right tax planning, Americans abroad can maximize tax deductions and exclusions and improve their retirement...
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