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Offshore Voluntary Disclosure Program (OVDP) closing in September 2018

By way of background, the Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program specifically designated for taxpayers with exposure to potential criminal liability and / or substantial civil penalties. The OVDP has been designated to provide protection from the aforementioned liability and penalties to those taxpayers whose failure to report income, pay tax or submit…

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Working in a foreign country - tax & social security considerations

Working in a foreign country – tax & social security considerations

If you are employed in a foreign country, your earnings will still be considered as employment income (or wages), even though you don’t receive a W2 statement. Depending on where you live and how much foreign tax you pay on your foreign employment income, you will be able to either claim a foreign tax credit for the foreign tax paid to offset your US tax liability or a foreign earned income…

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#Americans working in a foreign country #FICA and medicare #US social security #US social security benefits #working in a foreign country

US expatriation

If you are playing with the idea of giving up your US citizenship or greencard, you should consider the US tax and other implications and always seek advice from a US tax advisor and immigration lawyer.

Those who wish to renounce their US citizenship or revoke their greencard, may potentially be subject to exit tax. As a greencard holder, you may be subject to exit tax only if you have held your…

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#covered expatriate #exit tax #US expatriation

Coming to the US on a student visa? Do you know your residency status for US tax purposes?

As a US tax resident, you are taxed in the US on your worldwide income. As a US tax non-resident, you are subject to US tax on certain US source income only. That’s why it’s important to get your US tax residency status right!

If you are a student in the US (F, J, M or Q visa), you are considered to be an “exempt” individual. As an exempt individual, you will be “exempt” from counting the days of…

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#US student #US tax & students #US tax residency

US tax residency explained

If you are a US tax resident, you are taxed in the US on your worldwide income. If you are a US tax non-resident, you are only taxed in the US on certain US source income.

Determining US tax residency status under US domestic rules (substantial presence test)

Foreign nationals who are not greencard holders are treated as US tax residents if they meet the substantial presence test.

A weighted…

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#substantial presence test #tax treaty #US tax residency

Everyone always keeps talking about foreign tax credits. What’s a foreign tax credit?

As a US citizen, you are subject to US tax on your worldwide income regardless of whether you live in the US or not. If you move to a foreign country and are taxed in that foreign country on your employment and other income, you may potentially be subject to “double taxation” as the US would seek to tax the same employment income as well. In order to avoid the double taxation, you can elect to…

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Are you an American citizen who has been living overseas and haven’t been filing your US tax returns? You are not alone. The below article will explain on how to get your US tax filings in order.

By way of background, the IRS introduced the streamlined foreign offshore procedures filing process for US taxpayers who have lived outside the US since 2009, and who have not filed their US tax returns during this time. If you can present to the IRS a low level compliance risk, and justify that your failure to file was due to non-willful conduct, then the IRS will accept your returns for review…

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I have a foreign pension fund. How will my distributions will be taxed?

Under most tax treaties, pension distributions are only subject to tax in the country of one’s residence. This means that if you are intending to retire in the US, the foreign country will not seek to tax your foreign pension distributions; any distributions will be subject to US tax only. The distributions will be only taxable to the extent that they exceed the basis in your fund – depending…

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#Americans #foreign pension #foreign pension distribution #US tax

Work in progress...

Work in progress…

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About Olima (or Martina)

Martina has over eight years of experience in providing US expatriate tax and social security advisory and compliance services to both multinational corporate and high-net worth individual clients. Martina is a big 4 trained and has worked in London, Sydney and New York where she assisted American and other foreign national clients with the identification, understanding and resolution of the US…

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