International Tax Articles
Explore McGowin Tax's articles for the latest in international tax advice. Stay informed on tax solutions and trends relevant to expatriates and multi-national businesses.
![Totalization Agreements Explained: Self-Employed US Citizens]()
Totalization Agreements Explained: Self-Employed US Citizens
Learn how totalization agreements help U.S. expats avoid double taxation on self-employment income. Step-by-step guidance, common scenarios, and key strategies
![Delinquent filing options for international tax reporting]()
Delinquent filing options for international tax reporting
If you’ve accidentally missed an international tax filing on your U.S. return, you could face a minimum penalty of $10,000 per missed form! In this video, we’ll guide you through the steps you can take to potentially avoid those penalties and get back into compliance.
![Gifting Assets to a Non-US Spouse: Tax Insights for Expats]()
Gifting Assets to a Non-US Spouse: Tax Insights for Expats
Gift taxes have special considerations for expats with nonresident spouses. Gifting can be a tax strategy, or a necessity of life. What do expats need to know?
![FEIE Impact on Social Security: A Real Tax Question from Expats]()
FEIE Impact on Social Security: A Real Tax Question from Expats
This week, we're addressing a common inquiry about the Foreign Earned Income Exclusion (FEIE) and its impact on US Social Security income. Here's the scenario.
![Tax Court Ruling on IRS Authority to Assess Form 5471 Penalties]()
Tax Court Ruling on IRS Authority to Assess Form 5471 Penalties
Form 5471, required for US persons with ownership in foreign corporations, has been a point of contention due to its associated hefty penalties. The Internal Revenue Code (IRC) Sec. 6038(b) typically mandates a $10,000 USD penalty per form, up to $50,000 USD. However, a recent Tax Court ruling challenges the IRS's authority to impose these penalties.
![Filing with a Nonresident Spouse: Insights for US Expats]()
Filing with a Nonresident Spouse: Insights for US Expats
Exceptions under Sections 6013(g) & (h) allow electing to treat a nonresident spouse as a resident for tax purposes, enabling joint filing. But there's a catch
![IRS Plans a $1,900 Fee Cut to Renounce US Citizenship]()
IRS Plans a $1,900 Fee Cut to Renounce US Citizenship
The trend of U.S. citizenship renunciations has seen a significant increase, particularly influenced by FATCA (Foreign Account Tax Compliance Act) regulations.
![One Last Extension for Expats: The December 15 Tax Deadline]()
One Last Extension for Expats: The December 15 Tax Deadline
With the October 16 deadline approaching for U.S. taxpayers who requested an extension, it's crucial for expats to understand their options. Originally, the extension via Form 4868 was only for filing, not paying taxes.
![FBAR vs Form 8938: Reporting Requirements of Foreign Financial Accounts]()
FBAR vs Form 8938: Reporting Requirements of Foreign Financial Accounts
For US individuals with finances abroad, distinguishing between FBAR & Form 8938 is essential for tax compliance. Let's explore the nuances of these two forms.
![Understanding FBAR: A Crucial Guide for US Expats]()
Understanding FBAR: A Crucial Guide for US Expats
Living abroad offers U.S. expats a world of new experiences. However, amidst these adventures, it's crucial to stay informed about U.S. tax obligations - including the critical but often misunderstood FBAR (Foreign Bank and Financial Accounts Report) requirement.
![Does an S-Corp Make Sense for Expats? Understand the Implications]()
Does an S-Corp Make Sense for Expats? Understand the Implications
Is S-Corporation structure suitable for a US citizen operating a business from abroad?
![Navigating Form 5471 for US Expats with Foreign Corporations]()
Navigating Form 5471 for US Expats with Foreign Corporations
Expats running businesses abroad encounter unique tax filing challenges when owning foreign corporations. A common scenario involves expats setting up legal entities in foreign countries, such as corporations for holding rental properties.
![Double Counting FBAR Values: A Common Query from Expats]()
Double Counting FBAR Values: A Common Query from Expats
Let's explore how transferring funds between foreign bank accounts affects FBAR reporting obligations.
![Maximizing Foreign Earned Income Exclusion: A Guide for US Expats]()
Maximizing Foreign Earned Income Exclusion: A Guide for US Expats
The Foreign Earned Income Exclusion (FEIE) offers a significant opportunity for U.S. citizens living abroad to reduce their tax burden & avoid double taxation.
![Navigating the Maze of US Tax Deadlines | A Guide for Expats]()
Navigating the Maze of US Tax Deadlines | A Guide for Expats
It’s crucial for US expats and residents abroad to stay informed about their filing deadlines & obligations. These are the key dates & details you need to know
![Can Living Abroad Offer US Tax Benefits? Options for Expats]()
Can Living Abroad Offer US Tax Benefits? Options for Expats
Many expats wonder about the tax advantages of living abroad. It’s not a straightforward tax escape, there are certain opportunities for US citizens abroad.
![Do S-Corps Make Sense for Expats? Understanding the Implications.]()
Do S-Corps Make Sense for Expats? Understanding the Implications.
In this week's Real Tax Questions From Real Expats, we examine if an S-Corporation structure is suitable for a US citizen operating a business from abroad.
