Distributions, Excess Distributions, and Total Excess Distributions

Hello from Debra Rudd. You are receiving this message because you signed up for our PFICs Only mailing list, sent every Thursday morning at 6 am Pacific time. Thank you for signing up — this is the first edition, and I’m personally excited and honored to have the opportunity to regularly connect with other people […]

Form 8854 help for a (possibly late-filing) expatriate

Every Tuesday I send out an email in which I answer someone’s question. You really should subscribe. Here is the May 5, 2015 edition. Hello again from Phil Hodgen. You signed up for my “Expatriation Only” email list. You can stop getting these emails–just click the “unsubscribe” link at the bottom of this email. If […]

New weekly mailing list – PFICs Only

OK. I know that you sit around at night, gazing out of your window at the moon and yearning for more information about PFICs. Rejoice! Those lonely, unfulfilled nights are over. PFICs Only We are launching a new highly-focused email newsletter, along the lines of our successful Expatriation Only list. PFICs Only. This is a […]

2014 Form 1040 filing, payment deadlines for Americans abroad

Summary These are the deadlines for an American abroad for filing the 2014 Form 1040 and paying the tax due: An American abroad has a filing deadline of April 15, 2015 to file a 2014 Form 1040. You get an automatic extension to June 15, 2015. (Further extensions until December 15, 2015 are possible but […]

Where does an accumulation distribution go?

This is for those of you who are wrestling with accumulations distributions and how to transport numbers from Form 3520 to Form 1040.  If you want a full write-up, look at my earlier blog post, Calculate tax on distributions from foreign trusts using the default method Accumulation distribution number – where does it go? I had […]

Why become a U.S. taxpayer after you renounce?

This week’s question Frequent correspondent S sent me this one: On your next note, Phil, can you expand on the pros and cons of choosing to be a US taxpayer after expatriation if spouse continues to be US citizen and has all the income streams? The situation The situation, in a nutshell: you and your […]

Cash into your foreign corporation means form 926

This week’s episode is from the Brains Across Borders series: Americans doing business using foreign corporations. It’s you, a MacBook Pro, and a foreign corporation. TL;DR Remember to file Form 926 when you form a foreign corporation and make a capital contribution. Even cash. Creating a foreign corporation There are plenty of tax reasons to […]

Out of the (taxpaying) frying pan . . . and back in again?

“Noncovered Expatriate” seminar this Friday, April 24, 2015 A quick reminder: I am doing a 90 minute online seminar on Friday, April 24, 2015 at 8 a.m. Pacific Daylight Time. That is: 11 a.m. EDT, 24 April 2015 3 p.m. GMT, 24 April 2015 11 p.m. Singapore, 24 April 2015 1 a.m. Sydney, 25 April […]

Schedule D from a programmer’s point of view

Schedule D as an algorithm.  An interesting perspective. Check out the carefully crafted flow chart that describes the thinking you need to do in order to compute capital gains tax. It is shocking to think that this logic comes from the District of Columbia rather than Colorado.  Greetings from Washington DC. I am here so […]

Fight Club and Outbound Trust Migrations

Webinar on April 24, 2015 I am doing a webinar on April 24, 2015 for noncovered expatriates and how to handle the tax side of things when you give up your U.S. citizenship. Take a look at the agenda and sign up here. Greetings from Washington DC Sorry. I jumped on a plane and didn’t […]