UPDATED:
Do the IRS read these posts? Twelve hours after setting out our view below, (and frustratingly for our team after having explained to clients why they still needed to take action by 15 April) the IRS provided an advance …
Coronavirus Aid Relief and Economic Security (CARES) – Retirement Distributions
The Coronavirus Aid Relief and Economic Security (CARES) Act has removed the 10% penalty for early withdrawals from retirement plans, if the withdrawal is for “Coronavirus related distributions”.
This applies to all defined retirement plans such as:
- 401(K)
- 403(B)
- 457(B)
Coronavirus Aid Relief and Economic Security (CARES) – Recovery Rebate
The recovery rebate is an automatic tax-free payment to help with financial situations, with the amount available being dependant on the filing status of the individual:
- $1,200 to those married filing separate or single
- $2,400 to those married filing jointly
What’s the difference between domicile and residence?
If you have lived abroad or are planning to work or move abroad for a significant period of time, or you have moved to the UK from overseas, then you may have already heard residence and domicile used fairly interchangeably. …
Taxes Through The Ages
The process of taxation has been imposed on billions of taxpayers for many years, but for how long? Let’s take a step back in time and see how taxes have changed throughout the ages.
Taxation in Ancient Egypt?
That’s right! …
Do you have to pay taxes in the UK if you live abroad?
The amount of tax you pay in the UK depends on your residential status. You may find that if you live abroad, you may still be classed as a UK resident for tax purposes and therefore have UK tax obligations.…
UK & US Tax – Guidance for Dual Citizens
Whilst dual citizenship can be beneficial in ways such as ease of access to work in either country, being a dual citizen can make other aspects such as tax more complicated. If you are a dual citizen of the UK …
Inheritance tax for non US citizens
Whilst resident and non-resident aliens may reside in the US indefinitely, upon their death, their estates may face unforeseen deductions as a result of estate tax and gift tax. It is because of this that careful and timely planning is …
10 things you need to know about expat taxes
-
Check you qualify as an expat
You might be wondering what we mean, but this is by far one of the easiest ways to get caught out. Qualification via the Physical Presence test requires you to be physically present in
Do US Citizens Working Abroad Pay Taxes
In short – yes. If you’re a US citizen or resident alien, your worldwide income will be subject to income tax, regardless of where you reside. The rules for filing income, estate and gift tax returns are in general the …