UPDATES
US and UK tax laws are constantly being updated. We believe that clients should always be aware of changes that may affect them. We have therefore written a number of articles based on current legislation which may be of interest. This information should not be taken as full comprehensive advice and we highly recommend that you contact a PJD tax representative for more information.
Are you a US resident?
There are a number of ways an individual can get caught up in the US tax system. The most obvious of which is that, if you are a resident of the United States, then you will be exposed to US tax.
US Federal Tax Return Filing Deadlines & Penalties
The deadline for filing your 2017 US Federal individual income tax return was April 17th, 2018. If you filed an extension or you qualify for an automatic extension, then there is still time to file your return before you start to incur any late filing penalties. This article summarises the important deadlines and penalties for US taxpayers
The Foreign Earned Income Exclusion
OK, so you are a US person and you live and work outside of the US. So the IRS allow you to claim a deduction for up to $102,100 of your non US earnings and also a part of your non US housing expenses on your Federal Tax Return, generous aren’t they! It’s a no brainer???
NET INVESTMENT INCOME TAX
What is NIIT? Read on to find out more.
US TAX RETURN FILING DEADLINES & PENALTIES
The deadline for filing your 2017 US Federal individual income tax return was April 17th, 2018. If you filed an extension or you qualify for an automatic extension, then there is still time to file your return before you start to incur any late filing penalties. This article summarises the important deadlines and penalties for US taxpayers
I’M A US TAXPAYER AND I’M THINKING ABOUT SELLING REAL PROPERTY
If the process of selling a property isn’t stressful enough, US taxpayers face a series of complex rules to determine whether they have to pay tax on a capital gain made on the sale.
US TAX CHANGES
The wait is over and it has finally arrived!
After much debate and speculation, The Tax Cuts & Jobs Act of 2017 (TCJA) was enacted into U.S. Tax law on 15th December 2017 and is being called the biggest overhaul of the U.S. Tax code in over 30 years!
Many of these changes take effect from 1st January 2018 until the end of 2025. Some of the key changes from this Act are outlined in this article.
WHAT IS THE FBAR AND DO I NEED TO FILE ONE?
Did you know that US Citizen, or long-term residents, are required to report details about their non-US bank accounts to the IRS? This is subject to certain criteria. Read this article to find out if you should be filing one and please get in touch if you need any more information.
NOT THE “PFIC” SOLUTION TO YOUR INVESTMENT CHOICES?
As a US citizen, green card holder, or US resident you are required to report your worldwide income on your US Federal tax return. For Americans living outside of the US, or non-US nationals who have moved into the US, your investment portfolio will most likely include non-US investments. Understanding the US tax treatment of these foreign investments will help you better-structure your investment choices, and limit your exposure to draconian US taxes.
UK AND US PENSIONS FOR US TAXPAYERS
A brief summary of tax planning opportunities for US taxpayers with regards to their UK and US based pensions.