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Effective January 1, 2013, the IRS has updated procedures that affect the Individual Taxpayer Identification Number (ITIN) application process.

TAXPAYER IDENTIFICATION NUMBER

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. It is a nine-digit number that always begins with the number 9 and has a range of 70-88 in the fourth and fifth digit. IRS issues ITINs to individuals …

If you are a US Citizen or resident alien living abroad not only do you have to ensure you file an income tax return with the IRS each year if you meet the minimum filing requirements, you may have to file a state tax return.

Depending on which state you most recently lived in before your move, you may need to file a non-resident state income tax return even if …

If you are a U.S. citizen or resident alien, the rules for filing income and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

If you are a U.S. citizen or resident alien residing overseas, or are in the military on duty outside the U.S., on …

If a US Citizen own 10% or more of a foreign corporation (a corporation organized outside of the USA) you are obligated to filed Form 5471 each year with your personal tax return (or your business corporation or LLC tax return if that is the owner of the foreign corporation). ( see following paragraph ) On this form you must report the ownership of the corporation …

US EXPATTAX TRETAIES

Overview

The United States has an¬†income tax treaty with a number of foreign countries. Under these treaties, residents (not necessarily citizens) of foreign countries are taxed at a reduced rate, or are exempt from U.S. income taxes on certain items of income they receive from sources within the United States. These reduced rates and exemptions vary among countries and specific items of …

 

It is worth exploring what your options are when deciding to claim your social security benefits early to take full advantage of your retirement money. Deciding the retirement age at which you would get the maximum amount can be tricky. Depending on the circumstances, for some people claiming their social security benefits before full retirement age may turn out to be financially rewarding. But if you know that …

 

The IRS now may have power to revoke your passport

Americans who owe lots of money to IRS and have received a notice they they could have their passports revoked by the State Department or blocked from receiving new passports. Both the Senate and the House has approved the bill and is now awaiting final approval from a conference committee at the time of writing this article. …

This infographic will help answer an questions about the FBAR.

What is the FBAR?

FBAR stands for Foreign Bank Account Report, and it is a mandatory form for some taxpayers with Foreign financial accounts.

Who Must File an FBAR?

Any US Citizen who owns or controls one or more …