Entries by admin

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May News and Updates: Brokerage closing American expats’ accounts, Changes in expat pay levels, Dynasty Trusts on the rise and more

Expat pay in China, Singapore drops, Hong Kong rises, according to ECA survey The average cost of hiring an expatriate middle manager in Singapore has dropped to US$220,095 from US$235,545, a 5% drop, according to MyExpatriate Market Pay, published by ECA International. “Singapore saw one of the most dramatic falls in expatriate costs in Asia, […]

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Hong Kong Proposes Tax Exemptions for Foreign Investment in Local Start-ups

Tax exemptions for foreign investment in local start-ups In order to attract foreign investment to help boost start-ups in the Special Administrative Region, the Hong Kong government is considering making investments into its ITVF scheme by foreign funds or persons easier and tax exempt, according to a report by law firm Deacons. The ITVF scheme […]

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June 15th Expat Tax Filing Deadline Just Days Away

If you are not already speaking with one of our CPA’s, we just want to remind you that the expat tax filing deadline is just two weeks away (June 15). While expatriates do receive an automatic extension until June 15 to file instead of the usual April 15 deadline, this extension does not apply to […]

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‘Accidental’ Americans Caught Off Guard About U.S. Tax-Filing and Penalties

The challenges facing “accidental” Americans in dealing with U.S. tax regulations have once hit again the American mainstream news. Accidental Americans are generally defined as individuals who have acquired U.S. citizenship through a parent, but who have not lived in the U.S. They are still subject to the same tax regulations as Americans living in, or […]

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IRS Issues Notice to End ‘Toll Tax’ Loophole

The U.S. Treasury Department and the Internal Revenue Service (IRS) released a third notice April 16 (Notice 2018-26) regarding the so-called “Toll Tax.” The notice is part of the transition to a new territorial tax regime and signals the intent to issue regulations related to mandatory repatriation. The main takeaway is that Notice 2018-26 communicates how the U.S. […]

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IRS Makes Clear Virtual Currency Transactions Are Subject to Tax

The Internal Revenue Service (IRS) has issued a circular March 23 reminding taxpayers that income from virtual currency transactions is reportable on their income tax returns. Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions, and in appropriate circumstances, are liable for penalties and […]

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Fake charity scams and data theft growing causes for concern – IRS

Scam groups pretending to be charitable organizations are enticing people to make donations to groups or causes that don’t actually qualify for a tax deduction, according to the Internal Revenue Service (IRS) in a recent circular. The scam has been added to the IRS 2018 list, known as the “dirty dozen” of most commons scams […]

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Offshore Voluntary Disclosure Program to Close by September This Year

The Internal Revenue Service (IRS) has announced it is winding down the 2014 Offshore Voluntary Disclosure Program (OVDP) and will close it September 28, 2018. “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” Acting IRS Commissioner David Kautter said. “We have been clear that we would close […]

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Are You Really Ready to File Your 2017 Return?

We’ve seen a lot of interest by expat taxpayers hoping to file their taxes as early as they can. Some hope to take advantage of deductions and taxes they were forced to pay ahead of time over the year and look forward to getting their refund soon after the IRS begins processing returns for 2017 on Jan. […]