2020 and 2021 Charitable Contributions with Standard Deduction

23 Feb 2021 | US Tax

Normally to get a benefit from charitable donations you need to use Itemized Deductions on your US Tax Return.  However, for 2020 and 2021 the CARES Act has a provision that allows for a deduction of up to $300 for Single, Head of Household or Married Filing Jointly...

PayPal Accounts and FBAR Reporting

19 Feb 2021 | FATCA, FBAR, Foreign Bank Account Report, Investing, US Tax

The IRS has clearly stated that PayPal accounts located outside of the US are considered a foreign bank account for the purposes of FBAR filing.  If you have a US-based PayPal account this would normally not need to be reported.  Fortunately, the reporting from PayPal...

Virtual Currencies and FBAR Reporting

19 Feb 2021 | Crypto Currency, FATCA, FBAR, Foreign Bank Account Report, Investing, US Tax

The IRS and FinCen have not given a lot of clarity on the “official” rules for reporting (or not) virtual currency holdings on your FBAR, but here are some general guidelines:1) If you store your virtual currency on a public exchange (e.g. Coinbase,...

Coordination of Dutch Box 3 Tax and US Tax on Passive Income – An Overview

8 Jan 2021 | Dutch Tax, Foreign Tax Credits, Investing, Net Investment Income Tax (NIIT), Real Estate, US Tax

The most common complaint I hear about the Dutch tax system is the way that they tax income from savings and investments (e.g. interest, dividends and capital gains). This taxation occurs in “Box 3” of a Dutch tax return (“Box 1” covers wages,...

Owe taxes? No passport!

9 Jul 2018 | US Tax

I have had many questions in the past about whether or not owing taxes will result in you being denied entry to the US.  My answer has always been that as a US citizen you have a right to enter the US, and only if you had already been found criminally liable and there...

2013 Year End Tax Planning and the 3.8% Medicare Surcharge (for Expats)

13 Dec 2013 | Net Investment Income Tax (NIIT), US Tax

I think this quote from the August 2013 issue of the Journal of Accountancy sums it up pretty well: “The new surtax on net investment income will come as a surprise to many individuals… Even more surprising for individuals will be that most tax credits (e.g. the...