
President Obama unveiled a plan in 2009 that he said would restore some fairness to the US tax code.
This plan would require overseas banks to issue 1099 forms to US citizens. And more importantly: make the foreign income reportable and taxable.
Obama says his proposal removes tax incentives for US companies to ship their jobs overseas. He also wants to hire 800 full time IRS agents to help enforce these regulations.
Unfortunately, the consequences for American individuals Overseas have been catastrophic. Resulting in people renouncing. Overseas banks turning American clients away. Costly filing requirements and the IRS going after innocent people.
We sincerely hope the US will change its taxation system to a residence-based system.
Americans Overseas helps Americans living abroad to become US tax compliant in an organized way and avoid unnecessary double taxation. Based on your personal situation, we introduce you to the appropriate US tax advisor in our AOS network who will make you a tailor-made offer to help with your tax filings free of charge and free of any obligations.
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Understanding the US tax system, the obligations, and all the additional terms can be difficult. Especially if one lives outside of America. Is your question not answered? Contact us.
U.S. citizens and resident aliens who live abroad are generally required to file a federal income tax return and pay taxes on their worldwide income.
Read more... about Who is required to file taxes in the US?Yes, US citizens are required to file taxes on their worldwide income, regardless of where they are living.
Read more... about Do US citizens living abroad still have to file taxes in the US?Received an American check? You can cash your check in the following ways: cash the check at your own bank, transfer to another person (endorsement), cash checks using an online service or cash the check by another bank.
Read more... about How can I cash my US check?US citizens living abroad may be required to file Form 2555 and/or Form 1116 to claim the foreign-earned income exclusion.
Read more... about Are there any special tax forms required for US citizens living abroad?FBAR (Foreign Bank Account Report) filing is the requirement for certain U.S. individuals and entities to report their foreign financial accounts to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. The FBAR filing requirement applies to U.S. persons who have a financial interest in, or signature authority over, one or more foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.
Read more... about What is FBAR filing?