This humorous, cynical, factual and very, very readable set of essays helps U.S. tax filers living outside of the United States understand their annual tax filing obligations which do exist even if they do not owe any taxes.<br><br>This is a book that leads one through the maze of tax forms and the penalties one might expect unless these tax forms are filed.
Оглавление
Laurence E. 'Larry'. Larry's 2012 Tax Guide For U.S. Expats & Green Card Holders - In User-Friendly English!
The sections of this book
Introduction
The final tax acts of 2011
What is income
Tax rules applying to you, the expatriate U.S. tax filer
F(u)BAR & TDF90.22-1
FATCA
Form 2555, Form 5471 & Form 8865
Form 8938….again!
Gifts, the Gift Tax and Trusts
Penalties, penalties….and more penalties
The U.S. – Canada Tax War
Expatriation, the ‘ultimate’ experience
The ‘India Papers’
2012’s Voluntary Disclosure Program
Phil’s List, Plus One
The appendix
TDF90.22-1—Foreign Bank and Account Report
1040 Schedule B—Interest, Dividends AND Foreign account ownership
1116 —Foreign Tax Credit
chapter
2555 & 2555 EZ—Foreign Earned Income and Housing Exclusion
chapter
chapter
5471—U.S. ‘Persons’ Ownership of Foreign Corporations
chapter
8865—U.S. ‘Persons’ Ownership of Foreign Partnerships
8938—Statement of Specified Foreign Financial Assets
3520 & 3520 A—Foreign Trusts
chapter
Отрывок из книги
The introduction – A literary (assuming you do not think that ‘tax literature’ is an oxymoron) wonder, this opening section – an absolutely delightful way to ease on down the tax system road that the IRS has placed before us! Not only are you sufficiently warned about the new goodies the IRS has added to your workload of ongoing tax obligations but if you die without having planned properly, even with a minimum estate, Merrill Lynch provides an example of how it will make it rough for your heirs to get that to which they are entitled…..and need!
The final tax acts of 2011 – tax changes we need to know in 2012…..On 23 December, 2011, the House of Representatives, Republican controlled, rather than be blamed for a possible economic sink hole that would cost the Republicans the 2012 elections, agreed to the Senate passed legislation that will impact you, the expat, ONLY if you are earning wages from which social security tax is being deducted – read on to find out what you have for 2011 and 2012 but is subject to end, 31 December 2012…..
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•MFS Married Filing Separately If your spouse is not a citizen of the U.S., then you have an interesting option vis a vis reporting responsibilities - especially if you own little but your spouse is ‘loaded’. If you have a non-U.S. citizen spouse with substantial assets and income, he or she simply might not want to report to the IRS. Frankly, there are many expats or green card holders who have income producing assets and have placed those assets in spousal name to ‘escape’ reporting. Alarmed at putting it all in your spouse's name? Don't be: even the things I owned were no longer mine, so long ago in an equal division of property California divorce where equal division meant that my ex got all the assets while I got all the liabilities. If you file MFS, you've got a $US5,800 standard deduction for 2011.
•HOH Head of Household If you have dependents living with you and are not married, there are some tax advantages and some trade-offs in filing as HOH. True, you are going to get an $US8,500 standard deduction for 2011 but in the process, you will lose the exemption for the person qualifying you to take HOH. Speak to your tax advisor about which is better for you: either HOH or MFS, if you have dependents.
