When you are moving to another country, or planning to move to another country you need to ensure you get all the proper paperwork completed. One key thing is to not forget the expat tax in US, which allows the IRS to tax any U.S. citizen for life or Resident Alien (Green Card Holder) within […]
How to Avoid Penalties on Expat Tax
If you are living overseas, your taxes are much more complicated than domestic taxes in the US. This is why many people who file expat tax in the US end up getting a bill for fines, penalties, and interest that they may not have known existed. If you are filing taxes this year, it’s important […]
Why Offshore Voluntary Disclosure Program is Important
If you are a U.S. citizen residing or doing business in a foreign country, you are obligated to report your income to the IRS, as well as to stay in compliance with the foreign country’s tax laws. Failure to do so can result in hefty fines, seizure of assets, and in extreme cases, jail time. […]
Ten Reasons Why Offshore Voluntary Disclosure Program is Important
What Is the Offshore Voluntary Disclosure Program? The Offshore Voluntary Disclosure Program (OVDP) is an IRS program to help lessen penalties for US taxpayers who knowingly did not report foreign earnings or assets. Here are ten of the main reasons why the OVDP is important. The OVDP enables US taxpayers to become compliant The OVDP […]
R&D Tax Credit: New, Improved, and Permanent
The Research and Development Tax credit is useful for companies to reduce their Federal tax bills. The R&D tax credits were introduced in 1981 to provide tax incentives to companies incurring research expenses. It was primarily done to encourage companies to spend on development activities like new and improved products, techniques, processes, software, formula and […]
Expat Tax: Paying Taxes When You Live Abroad
Living abroad can be exciting. Taking in the experiences of a new culture is an enriching opportunity that will enhance your life. However, it’s important to remember that living abroad isn’t just a semi-permanent vacation. Having an exotic zip code doesn’t excuse you from some of the bland dealings of everyday life; in fact, it […]
Getting the Most Out of the Research and Development Tax Credit
The Federal R&D tax credits were introduced by the US government to encourage invention and boost investment in the country. According to 2014 R&D credits report, over 100,000 taxpayers claimed more than $12 billion for research work performed by their companies on daily basis. The big surprise is a significant portion of the credit dollars […]
U.S. Expat Tax Preparation – Know Which Forms You Need to File Your Taxes Properly
Many American citizens move to another country for various reasons. Some because they prefer the weather in another country, others because they want to experience a different culture; they’re entrepreneurs with an internet business so they can live anywhere, or they have to move to another country because of their job. It’s important to note […]
Benefits of R&D Tax Loans
Research and Development is an area where not many companies can venture. This is because there is a huge amount of risk involved in running such business. There are two types of risks involved: o Capital expenditure: There is not deterministic expenditure on such activities. There is also no time line in which there could […]
Five Facts About R&D Tax Relief That Will Blow Your Mind
All companies that are working gin the research and development sectors undergo a huge risk. The risk is in terms of capital expenditure and also in terms of the end results. But such research activities are very much essential for an economically stable country. Hence the government of UK has come up with some schemes […]