January 27, 2015
January 23, 2015
January 19, 2015
Read more in the Wall Stree Journal Article Below:
Let us know if you need help with your renunciation of US Citizenship or Long Term Green Card Holder Surrender (8 years). We can help you comply with the Tax Laws and help you plan to avoid the possible tax on appreciated property. email@example.com
January 16, 2015
January 14, 2015
Read more in Forbes Article. China Plans to start enforcing law in 2015.
January 10, 2015
Great tax saving and planning Tool. Read More
December 31, 2014
U.S. citizens living abroad are subject to the individual shared responsibility provision. However, U.S. citizens who are not physically present in the United States for at least 330 full days within a 12-month period are treated as having minimum essential coverage for that 12-month period regardless of whether they enroll in any health care coverage.
In addition, U.S. citizens who are bona fide residents of a foreign country (or countries) for an entire taxable year are treated as having minimum essential coverage for that year. In general, these individuals qualify for the foreign earned income exclusion under section 911.
Individuals may qualify for this rule even if they cannot use the section 911 exclusion for all of their foreign earned income because, for example, they are employees of the United States. Individuals that qualify for this rule need take no further action to comply with the individual shared responsibility provision during the months when they qualify.
They will report their status with their federal income tax return on Form 8965.
See Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, for further information on the foreign earned income exclusion.
U.S. citizens who do not meet the physical presence or residency requirements must have minimum essential coverage, qualify for a coverage exemption, or make an individual shared responsibility payment when they file their federal income tax returns. Note that minimum essential coverage includes a group health plan provided by an overseas employer.
Download IRS Publication containing all rules by clicking HERE
December 22, 2014
December 14, 2014
December 13, 2014
Nonresident Aliens May Be Subject to US Estate Tax (and Must file an Estate Tax Return) on their Assets in the US
December 10, 2014
Read more here. http://www.forbes.com/sites/kellyphillipserb/2014/12/10/irs-announces-2015-standard-mileage-rates/
Let's hope gas prices remain down since mileage rates are based on previous high gas prices.
December 3, 2014
December 2, 2014
The US has social security agreements with the countries listed below. These agreements provide that if a US Expatriate in working in a treaty country, in many instances (it can vary by the country) they may elect coverage under US social security or the social security program of the country in which they live and work. This only applies if the expatriate is self employed. If the US expat is an "bonafide employee" of a foreign corporation subject to all the normal tax withholding and employment laws of that country they do not need to pay US social security.
If the country you work in DOES NOT have a social security agreement with the US, you must pay US self employment tax (social security plus medicare tax) on your net self employment income (after deducting expenses) whether or not you are paying social security or its equivalent in your country of employment.
The foreign earned income exclusion does not apply to US self employment taxes and does not reduce the self employment tax you owe even though it does reduce you income subject to US income taxes.
Social Security Handout on International Social Security Agreements Benefits
|Countries with Social Security Agreements|
|Country||Entry into Force|
|Italy||November 1, 1978|
|Germany||December 1, 1979|
|Switzerland||November 1, 1980|
|Belgium||July 1, 1984|
|Norway||July 1, 1984|
|Canada||August 1, 1984|
|United Kingdom||January 1, 1985|
|Sweden||January 1, 1987|
|Spain||April 1, 1988|
|France||July 1, 1988|
|Portugal||August 1, 1989|
|Netherlands||November 1, 1990|
|Austria||November 1, 1991|
|Finland||November 1, 1992|
|Ireland||September 1, 1993|
|Luxembourg||November 1, 1993|
|Greece||September 1, 1994|
|South Korea||April 1, 2001|
|Chile||December 1, 2001|
|Australia||October 1, 2002|
|Japan||October 1, 2005|
|Denmark||October 1, 2008|
|Czech Republic||January 1, 2009|
|Poland||March 1, 2009|
|Slovak Republic||May 1, 2014|
December 1, 2014
Dana Point, California 92629 USAUS Phone: (949) 481-4094, US Fax: (949) 606-9627Email:firstname.lastname@example.org or email@example.com Skype: dondnelson