Pioneering a path through paperwork and tax codes

Owe Back Taxes – Lose your Passport…

A recent article by Ben Steverman outlines the potential for US citizens living abroad to lose or give up their US passports.  Unlike almost every other country in the world, the US demands it’s citizens report and pay taxes on all foreign income.  They must file even if they have lived and worked abroad for… Continue Reading

Upcoming filing deadlines…

April 15th – Filing deadline for reporting of Foreign Bank and Financial Accounts (FBAR). United States persons are required to file an FBAR if they had a financial interest in or signature authority over at least one financial account located outside of the U.S. and the total value of all foreign (non U.S.) financial accounts exceeded… Continue Reading

Unused ITINs to Expire after Five Years

The IRS has announced a new policy to ensure that anyone who legitimately uses an ITIN for tax purposes can continue to do so, whilst at the same time resulting in the likely eventual expiration of millions of unused ITINs.  There are currently around 21 million ITINs in existence of which around a quarter are… Continue Reading

IRS Issues New W-8 Forms

The IRS has issued revised Forms W-8ECI, W-8BEN and introduced new form W-8BEN-E. Foreign persons and entitles are subject to U.S. tax at a 30% rate on income they receive from dividends, royalties, annuities, rent etc. and may use these forms to seek a reduction in the withholding applied by their withholding agent, management company,… Continue Reading

IRS Warns of New Telephone Scam

If you receive a call from someone claiming to be from the IRS hang up immediately!! This is a recent cam that has been happening all over the U.S.. It’s been reported that scammers call and say that you are due a refund or owe the IRS money and need to pay them directly. This… Continue Reading

IRS announces late start to 2014 tax season

Following the recent Government shut down the IRS has announced a delay of approximately one to two weeks to the start of the 2014 tax filing season.  Whilst the IRS is exploring options to shorten the expected delay, taxpayers should be prepared for the later start. How will the delay affect non-residents filers? For the… Continue Reading

IRS Tanning Tax is here to stay!

If you like to arrive at the beach with a perfect tan, you may want to read this final regulation as published by the IRS. Even in Florida, getting a tan at the salon is still very popular. That may change when this new 10% tax is added to your tanning charge! Of course, as… Continue Reading

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