Nearly 25,000 US citizens have legal residency in Costa Rica. The US State Department estimates that nearly another 100,000 may live there as “perpetual tourists” – coming and going every 90 days, but making Costa Rica their home. Living in Costa Rica can greatly...
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...
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...
Many US entrepreneurs set up an LLC in the beginning because it is straightforward and not too expensive. Generally, this is a good approach for the start as LLCs offer liability protection and other advantages. However, entrepreneurs are often not aware that with...
As a global financial hub, Singapore has drawn many US expats to its borders. Some estimates even show that as many as 26,000 US citizens are living in Singapore. While the country has many allures, the process of filing taxes in the US and in Singapore can be...
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