US IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney
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July 8, 2016
July 6, 2016
Better Pay Your Mexican Taxes on your Mexican Rental Income
Under Mexican law, all income generated from properties located within Mexican territory is subject to taxation, even if the owners are foreigners and even if all funds are collected in accounts located outside Mexico. For many years it has been a major issue for both Mexican tax authorities and individuals attempting to comply. For years a Federal Taxpayer ID was required to file and pay the tax. In order to obtain this tax ID one needed to be a resident of Mexico. This was lose-lose for both the authorities and the foreigners who were willing to pay but baffled by the issues involved to “get legitimate”.
After more than five years of Settlement Company® dialogue with Mexican tax officials, a resolution was made in which the foreign property owner could appoint a Mexican company to pay his or her taxes and dispense with all other formalities. This has become reality! Mexican authorities are now looking seriously to collect this long-neglected source of tax revenue and foreigners not only are lining up to pay but also to receive the receipts for payment of the taxes which can then be credited against taxes paid in their native country under the terms of the NAFTA treaty. Remember! no double taxation is permitted under the terms of the treaty!
If you have a rental property in Mexico contact us for details. ddnelson@gmail.com
June 15, 2016
Expats should include their pets in estate plan
A majority of American households today make pets a part of the family. More and more, people want to see pets provided for even after the passing of the human members of the family. In the past,
June 5, 2016
FBAR FORM 114 DEADLINE FOR FILING IS JUNE 30TH
May 30, 2016
US Expatriate Tax Return Due Date Deadlines
- June 15, 2016: US Expat Tax Tax Return Deadline (without applying for an extension)
- June 30, 2016: Foreign Bank Account Report (FBAR) Filing Deadline
- October 17, 2016: Final US Expat Tax Deadline
May 17, 2016
WHEN THE IRS CALLS, DON'T BE FOOLED... IT MOST LIKELY IS SOMEONE ELSE
The Internal Revenue Service has some advice for taxpayers this April Fool’s Day that may prevent them from being the victim of a tax scam: Don’t be fooled by scammers. Stay safe and be informed. Here are some of the most recent IRS-related scams to be on the lookout for:
- Call to demand immediate payment over the phone or call about taxes owed without first having mailed you a bill.
- Threaten to immediately bring in local police or other law enforcement groups to have you arrested for not paying.
- Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
- Require you to use a specific payment method for your taxes, such as a prepaid debit card.
- Ask for credit or debit card numbers over the phone or threaten to bring in local police or other law enforcement groups to have you arrested for not paying.
- Don’t reply to the message.
- Don’t give out your personal or financial information.
- Forward the email to phishing@irs.gov. Then delete it.
- Don’t open any attachments or click on any links. They may have malicious code that will infect your computer.
Additional IRS Resources:
May 13, 2016
US EXPATRIATES - HOW DO YOU KNOW WHEN YOUR ARE COMMITTING TAX FRAUD SUBJECT TO CIVIL AND CRIMINAL PENALTIES?
- Understating income,
- Maintaining inadequate records,
- Implausible or inconsistent explanations of behavior,
- Concealment of income or assets,
- Failing to cooperate with tax authorities,
- Engaging in illegal activities,
- Lack of credibility of the taxpayer's testimony,
- Filing false documents,
- Failing to file tax returns,
- Failing to make estimated payments, and
- Dealing in cash.