Income Tax Compliance by U.S. Citizens and U.S. Lawful Permanent Residents Residing Outside the United States and Related Issues
Income Tax Compliance by U.S. Citizens and U.S. Lawful Permanent Residents Residing Outside the United States and Related Issues

Author: U. s. Department of the Treasury

Publisher:

Published: 2005-01-01

Total Pages: 64

ISBN-13: 9781410108159

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CONTENTS Executive Summary I. Summary of Current Law A. General Provisions B. Foreign Earned Income Exclusion and Foreign Tax Credit (Code Sections 911 and 901) C. Expatriation to Avoid Tax (Code Section 877) II. Compliance Measurement and Improvement A. Demographic Study of Overseas Compliance B. Efforts to Improve Compliance C. Factors Limiting Efforts to Measure and Improve Compliance III. Sharing of Information Between Agencies A. Information from Department of State Regarding U.S. Citizens and Former U.S. Citizens Living Abroad 1. Individuals Who Retain Citizenship a. Passport Data (Code Section 6039E) b. Department of State Restrictions on Additional Information 2. Individuals Who Lose Citizenship (Code Section 6039G) B. Information from INS Regarding Lawful Permanent Residents Living Abroad 1. Individuals Who Retain Green Card a. Green Card Data (Code Section 6039E) b. INS Databases 2. Green Card Holders Whose Status is Revoked/Determined to Be Abandoned IV. Definition of Individuals Subject to U.S. Taxation A. Definition of U.S. Citizen for Tax Purposes 1. Modification of Nationality Law Definition 2. Modification of Tax Law Definition a. Elimination of Retroactive Effect of Citizenship Loss b. Relief for "Unknowing" or "Restored" Citizens B. Definition of Lawful Permanent Resident Subject to Tax V. Conclusion and Recommendation

U.S. Taxes for Worldly Americans
U.S. Taxes for Worldly Americans

Author: Olivier Wagner

Publisher:

Published: 2017

Total Pages: 120

ISBN-13: 9781945884276

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Are you a citizen of the United States who lives abroad? You probably know that the U.S.A. is one of only two countries that applies citizenship based taxation in order to tax its own citizens on their worldwide income, irrespective of where they live or work anywhere in the world. If you're thinking about becoming a digital nomad or expatriating to another country, do you know how to avoid having to pay tax on your income while abroad? There could be huge penalties or tax evasion charges if you don't file correctly. Fortunately, these important questions have answers.By combining the right strategies for citizenship, residency, banking, incorporation, and physical presence in other countries, most people who work overseas can legally lower their U.S. tax owing to $0. In U.S. Taxes for Worldly Americans, Certified Public Accountant, U.S. immigrant, expat, and perpetual traveler Olivier Wagner preaches the philosophy of being a worldly American. He uses his expertise to show you how to use 100% legal strategies (beyond traditionally maligned "tax havens") to keep your income and assets safe from the IRS.Olivier covers a wealth of international tax information, including: ●Step-by-step instructions to fill out the Forms and Schedules you will use to file your offshore tax, no matter where you are.●How to qualify for special deductions, credits, and exemptions on international taxation.●Why opening bank accounts and corporations in foreign countries is easier than you think.●How residency or citizenship in another country can legally lower your taxes.●Practical advice for moving, living, and working with tax free income in other parts of the world.●What to consider before renouncing your American citizenship and saying goodbye to the IRS for good.As a non-resident American, there is no single easy answer to lower your taxes. If you don't understand every possibility, you could end up paying too much. Embrace a worldly lifestyle with confidence as you master the U.S. tax system for Americans living overseas.