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Why Use a Tax Preparer for All Your Tax Needs?
US Tax Consultants offers a free, no-obligation consultation through our website. We specialize in taxes in both the United States and Spain, and we understand the difficulties and challenges of having tax obligations in both countries. With deep knowledge of the...
Modelo 720 y 721 Declaración de bienes en el extranjero 2024
Modelo 720 and 721 Report of Assets Abroad 2024
How to Report IRA and ROTH IRA Accounts in Spain?
In this article on "How to Report IRA and ROTH IRA Accounts in Spain? we will analyze how IRA and ROTH IRA accounts are taxed under IRPF and Wealth Tax, and whether they need to be reported in Form 720. Obligation to Report on Form 720 An American citizen who is a tax...
Securing Your Financial Future: US Banking and Investment Strategies for Expats in Europe
For US expats living in Europe, maintaining access to US banking and investment services is a critical yet often underestimated challenge. Staying connected to the US financial system while living abroad is vital for long-term financial security and success. However,...
SHOULD I SUBMIT FORM D6?
Form D6 is an annual declaration for information purposes of Spanish investments made abroad in companies listed on the stock exchange or on the organized market. They will be subject to communication through Form D6 if you are an individual and/or legal entity...
VoteFromAbroad.org
VoteFromAbroad.org provides every US citizen abroad with the information and tools needed to VOTE. We assist US citizens voting in all 50 states, the District of Columbia, and US territories. Our online tool makes it simple to fill out and send in the federal form...
Taxes on the sale of a property in Spain
The Spanish Treasury has issued a statement to owners who have sold or are about to sell their homes, reminding them of the tax obligations they must comply with after the transaction. The sale of a property entails a series of taxes that sellers must pay. The...
FILE AGAIN THE 720 THIS YEAR OR NOT?
Well, it depends, the Model 720 must be re–submitted only if: Any of the assets declared in the last Modelo 720 has been cancelled at any time in the year 2024. There is an increase in aggregate amount established for each block of information (bank accounts,...
Taxpayers Abroad are Underserved and Challenged
The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the National Taxpayer Advocate has prioritized compliance challenges for...
The IRS has hauled in tens of millions from rich people who failed to file tax returns
The first results of the revived IRS program are announced: Rich people who didn’t file tax returns for years have already paid $172 million in overdue taxes to the Internal Revenue Service, according to the first results of the agency’s revived program targeting...
FinCEN 114 FBAR 2024
The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers...
Understanding the U.S. Exit Tax for Expatriates
If you're not familiar with U.S. taxes, the idea of an "Exit Tax" might sound confusing. Different rules apply according to the date upon which you expatriated, so be sure that you have checked your exact expatriation date. The article is based on the ruling for the...
Form 1040 – Nonfilers and Penalties
Form 1040 is the standard federal income tax form that individuals use to report their income to the IRS. All U.S. persons (US Citizens, GreenCard Holder and Resident Aliens) are required to file a Form 1040 annually, regardless of their income source, the country...
Tax residents in Spain with income from the United States according to the AEAT
Tax residents in Spain with income from the United States according to the AEAT Tax residence A natural person is fiscal resident in Spanish territory when any of the following circumstances occur: They have stayed longer than 183 days in Spanish territory over the...
The Tax Implications of Opening a Foreign Bank Account
For US Citizens and Green Card holders who hold assets with foreign institutions, for whatever reason, the tax ramifications are an area of serious concern. The Internal Revenue Service (IRS) treats money held in foreign banks differently than money held in domestic...
Passive Foreign Investment Company (PFIC)
Passive Foreign Investment Company (PFIC) A foreign entity/form of investment is a PFIC if it meets either the income or asset test described below. Income test. 75% or more of the corporation’s gross income for its taxable year is passive income (as defined in...
Maximizing Resources: A Guide to Utilizing US Tax Consultants.
Navigating the complex world of tax regulations can be a daunting task for many individuals and businesses. This is where US Tax Consultants come in, offering their expertise to help clients optimize their tax strategies and ensure compliance with ever-changing laws....
Guide for Filing US Expat Taxes 2024.
Americans living abroad must still file taxes in the United States. In addition, US expat taxes are more complex. This is because there are specific rules (and benefits!) when filing an American expatriate tax return. But thanks to these benefits, many expats don’t...
Form 5472 is now required for non-Americans that own an LLC in the U.S
Prior to 2017, ownership of a Limited Liability Company (LLC) by a non-American generally did not require the filing of a U.S. tax return with the IRS. Consequently, non-American programmers and other digital nomads that lived and worked outside the U.S. but created...
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