News

by Shalen Singh · May 19th, 2022

Australian Self-Managed Superannuation Fund (SMSF)

SMSF is seen as a Foreign Grantor Trust by the IRS. A Foreign Grantor Trust is defined as a US person owning a Trust outside the US.

by David Tzimenakis · May 15th, 2022

Article – US Retirement Funds for Expats

Nowadays, it is well known by most US citizens living overseas that there is an annual requirement to file tax returns to the IRS, if they have any worldwide income. But much lesser known are the implications or requirements for having a US based retirement scheme.

by Shalen Singh · May 1st, 2022

Video – Missing Economic Impact Payments

We've recently received a large number of client enquiries, regarding Economic Impact (stimulus) payments, which were never received.

by David Tzimenakis · April 18th, 2022

More than 2.7 Million 2021 US Tax Returns Yet To Be Processed

As we mark the first US individual tax return filing deadline of the 2021 tax year (18th April), for many US taxpayers, the 2020 tax year has not yet been resolved.

by Shalen Singh · April 11th, 2022

18th April Tax Deadline Approaching

By Shalen Singh, Manager of Client Services of our Sydney Office.

by Daria Vovk · April 10th, 2022

Video – Claiming Dependents

Amongst the many different credits, exclusions and deductions offered by the IRS, one of the most effective in reducing a tax liability, is the ability to claim dependents on your tax return.

by David Tzimenakis · March 22nd, 2022

Article – Remote Working

Amongst the many changes that COVID-19 has brought to our ordinary lives, one which frequently has tax implications is the rise of remote working.

by Daria Vovk · February 27th, 2022

Video – Section 6038

For most foreign based US citizens who own a foreign company, it is usually expected that at least some reporting will be needed to the IRS. This is usually done on Form 5471, however there are also lesser known forms of reporting.

15th March 2022 – The First Major Tax Deadline of the Year

Whilst many of us have been enjoying the summer, some regained freedoms, and a number of public holidays, the US tax year has been quietly rolling along in the background. Well here we find ourselves at the 15th February…, hasn’t time gone by quickly!

by David Tzimenakis · January 18th, 2022

2021 – Summary Of The Tax Year Ahead

Firstly, happy new year to all of our clients, stakeholders, and any other readers/followers of our posts.

by David Tzimenakis · December 12th, 2021

Article – 529 College Plan Withdrawals Overseas

Amongst our clients who have recently migrated from the USA, investments in 529 College Plans are a common occurrence, of course, investing in a child’s future education is always going to be popular.

by Daria Vovk · November 28th, 2021

Video – Changes to Section 1031

Whilst a number of changes have been proposed to the tax code under President Biden's American Families Plan, one of the lesser known proposals are the changes to Section 1031.

by David Tzimenakis · November 14th, 2021

Article – Depreciation Recapture, What Does It Mean?

For many of our clients who hold rental properties, the term “depreciation recapture” can come across a bit mystifying, upon the sale of their property.

by Daria Vovk · October 31st, 2021

Video – US Taxation of Lawsuits & Settlements

Fortunately, income from lawsuits and settlements are quite rare to see here at US Global Tax. But, whilst it might be assumed that compensation or awards from a lawsuit would be tax free, the reality with the IRS can be quite different.

Investment concept: Businessman hand holding stacks of golden coins and big tree.

by David Tzimenakis · October 17th, 2021

Article – Government Pensions – Treaty Based Taxation

For many US citizens living in New Zealand, understanding how their US pension will be taxed is understandably a matter of concern. The most important part of this question is usually who will tax the pension, rather than how.