where in jeonju is an expat tax lawyer

What expenses can US expats deduct in Singapore and Geneva?

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How to file US taxes as an expat?

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How can US expats avoid double taxation?

Expat Tax Lawyers . Expat Tax Lawyers: When a U.S. person resides overseas, they may still have a U.S. Tax and Foreign Asset reporting requirement. It is important to note there is a distinction between expats who are U.S. persons residing outside the U.S. and expatriates who have relinquished their green card or renounced their U.S. citizenship. The IRS tax rules for expats …

How many countries have tax treaties?

United States has entered into income tax treaties with more than 50 countries. While many of these treaties are nearly identical in content, they often will have nuances and differences — especially on issues involving retirement, pension and Social Security (usually Paragraphs 16-20 of the Treaty.)

What is a FBAR?

The FBAR is the Report of Foreign Bank and Financial Account Form. It is required to be filed by any individual who has more than $10,000 in annual aggregate total, in foreign accounts on any day of the year. Is not filed along with your tax return; it is filed separately, electronically with the Department of Treasury on that FinCEN website. It is due at the same time your tax return is due – including extensions.

What is FATCA form?

FATCA is the Foreign Account Tax Compliance Act. It is required in order to disclose certain specified foreign assets (which may also include accounts). It is similar to the FBAR, but different in many respects. First, it is filed along with your tax return as a form accompanying your 1040. Second, it does not have the same threshold requirements as the FBAR. Threshold requirements are much higher so that less people have to file the form. The threshold requirements vary based on marital status and residence. Third, unlike the FBAR, FATCA Form 8938 requires that you include the income that was generated from the specified foreign assets included on form 8938.

Is the US a citizen based country?

The United States is a Citizen-Based Taxation country (CBT). That does not mean you have to be a “Citizen” (or even residing in the U.S.) to be taxed by the United States. It means that if you are a US person such as a U.S. Citizen, Legal Permanent Resident, or Foreign National who meets the Substantial Presence Test, then you have to pay US taxes just as it you are a U.S. Citizen. And, the U.S taxes you on your worldwide Income.

What is an expat tax lawyer?

Expat Tax Lawyers: US Person Taxpayers who reside temporarily or permanently outside of the United States are oftentimes referred to as expats. Even though a US person may reside us out of the United States, they are still required to file a US tax return with the IRS — along with reporting their worldwide income along with disclosing global assets, accounts and investments. Despite these overbearing and unfair US Tax rules and requirements, there are various exceptions, exclusions and limitations that may reduce or eliminate the tax for individuals who are considered expats and residing abroad. Our Expat Tax Lawyers have compiled a list of 25 important key facts to assist you with understanding the different tax requirements for expats.

What happens if an expat owes taxes?

In recent years, the Internal Revenue Service has significantly ramped up enforcement of tax compliance. If an expat is out of tax compliance and owes a significant tax debt, they may be subject to taxes due and penalties — which may lead to passport revocation.

What is FATCA letter?

US taxpayers generally comply with FATCA by filing a Form 8938 (above). The Foreign Financial Institutions (FFI) may send expats and other US persons a FATCA letter or KYC Letter to ascertain whether the individual is a US person even if they are residing outside of the United States as an expat. This may lead the FFI to report the Taxpayer to the IRS.

Do you have to pay US taxes on your worldwide income?

Even though a person may have to pay US tax on their worldwide income, they may qualify to apply foreign tax credits to their US tax liability in order to reduce or eliminate there US tax on that income.

Can a US citizen live outside the US?

When a US person resides outside of the United States and has a different country tax home, they may qualify for the foreign earned income exclusion and foreign housing exclusion.

What happens if a US taxpayer fails to file taxes?

When a US person fails to file a tax return they may be subject to significant fines and penalties including failure-to-file, failure-to-pay, and other substantial underreporting penalties. In addition, the taxpayer may be subject to reporting penalties for failing to file certain international information reporting forms such as the FBAR and Form 8938.

Does the foreign earned income exclusion apply to self employment?

The foreign earned income exclusion does not apply to self-employment tax. But, the United States has entered into totalization agreements with about 25 different countries in which the expat would only have to pay into the Social Security system in the country they are residing and not the US — in order to avoid double payment.

What happens if you don't file taxes?

If they don’t file and claim these provisions though, then they are considered to owe US tax on their worldwide income. Expats with complex finances often seek the assistance of an expat tax attorney, to minimize tax payable, and avoid penalties.

Can an expat file US taxes?

The vast majority of expats can become and remain compliant with their US tax filing and reporting with the assistance of an expat tax specialist CPA firm , rather than an attorney. This includes the many Americans who have missed filing one or more US tax returns from abroad, who may qualify for an IRS amnesty program such as the Streamlined Procedures.

Why Must U.S. Expats and Americans Living Abroad Pay Taxes?

Many expatriates are surprised to learn that their decision to leave the United States can actually have very little impact on their federal income and other tax filing obligations aside from the ability to claim certain housing and income exclusions along with certain tax credits. However, U.S.

Considerations to Make When filing Taxes as an Expat

Depending on the nation where an American expat decides to reside, there may be certain tax treaties and other measure in effect to reduce the impact of the double-taxation an expat is likely to face.

When to File Taxes as an Expat

A U.S. person that lives abroad is still subject to many of the filing requirements for income, gift, and estate taxes. As noted, income earned by a U.S. person within the United States or a foreign country will still be subject to worldwide taxation.

FBAR, FATCA, and Offshore Disclosure Obligations for Expats

Expats must also comply with a Report of Foreign Bank & Financial Accounts ( FBAR) and Foreign Account Tax Compliance Act (FATCA). Both laws requires U.S. persons to disclose the existence of foreign account and foreign assets when the individual holds foreign assets in excess of the reporting threshold.

Tax Professionals Provide Trusted Tax Guidance for Expats

The tax attorneys and CPAs of the Tax Law Offices of David W. Klasing are dedicated to providing comprehensive tax and offshore reporting guidance for taxpayers residing in a foreign nation. Following the passage of FATCA, offshore compliance has become increasingly difficult and many expats have decided to return to the U.S.

How much can an expat exclude from taxes?

Through the FEIE, US expats can exclude up to $107,600 of their 2020 earnings from US income tax. In 2019 the maximum was $105,900. The IRS adjusts this amount each year for inflation, although the Trump tax reform in 2017 changed the inflation index to a slower-growing index.

Which countries have tax treaties?

Tax Treaties offer benefits to expats. The United States has Tax Treaties with over 60 countries, including most (but not all) popular expat destinations. The list of countries with income tax treaties includes Australia, Canada, most of Western Europe, Mexico, China, Japan, and even far-flung places like Kyrgyzstan.

What is the tax threshold for 2020?

This also applies to Digital Nomads. The 2020 tax year thresholds are: Filing Status. Gross income. Single (under age 65) $12,400.

When are taxes due in 2021?

When you are abroad on the regular April tax deadline, you must file your US tax return. by June 15, 2021. If you still need more time, maybe to qualify for the FEIE, you can request an extension to October 15. Nonetheless, any tax owed should be paid by July 15, 2020 to avoid interest and late penalties.

What is the FTC?

Applying the Foreign Tax Credit (FTC) to offset tax paid to other countries. Using applicable tax treaty benefits to exclude other income from US taxation. Through these exclusions, deductions and credits, many US expats can reduce or even eliminate their US tax burden.

Do expats pay state taxes?

US expats may have to pay state taxes. As an American abroad, you may still have to pay state taxes to your former state of residence. Your obligations depend on the specific state. The easiest states for US citizens abroad are those which do not have income tax.

What is FEIE tax?

Foreign Earned Income Exclusion (FEIE) can lower or eliminate income tax. The Foreign Earned Income Exclusion can result in huge savings for US expat taxes. The FEIE is one of the most beneficial exclusions for many Americans abroad. Some expats, however, benefit more from the Foreign Tax Credit. More about that later.