
We hope you had a great year and have been able to handle your US tax challenges in the best way possible. We’re updating you on the current state of affairs regarding the US taxation of dual citizens.
It has been a year with many developments for all Americans living Overseas.
The problems of EU citizens with an American tax liability were finally on the agenda of the European Parliament this year.
In July there was a debate in the EU on US citizen-based taxation, FATCA, and the consequences for US persons in Europe. Americans Overseas was invited to Strasbourg for the preparation of the debate to explain the problems that US persons in Europe are facing.
Although the EU commission so far does not seem inclined to intervene, the positive outtake is that these problems are increasingly reaching the political limelight. The group of Accidental Americans has breached the next barrier by grabbing the attention of the EU Commission.
Hoping for change, Americans Overseas remains in close contact with national and EU representatives and keeps on pursuing the task of informing all involved (political) parties of the challenges faced by Accidental Americans.
Americans Overseas received a memo from its network of accountants. It was written by the International Revenue Service (IRS), announcing the end of the O.V.D.P. program (Offshore Voluntary Disclosure Program) in September 2018.
The memo did end with more positive news. Only part of the amnesty program is being terminated
The special program called Streamlined procedure, which is applicable for American citizens outside the US who didn’t know about their filing obligation, is kept active for the moment.
As always if you have any other questions feel free to call or email. Regardless if you’re not filing or are already filing your taxes (elsewhere), we’re glad to help.
To end the year on a lighter note we wanted to thank everyone for supporting us and liking our initiative 4000 times on Facebook! If you haven’t done so please click and like our Facebook page to stay up to date
We wish you a very merry Christmas and a happy new year!
Daan
Michael
Yvonne
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?