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Articles by Virginia Zee
Get your US tax filings up to date via the Streamlined program
US tax reporting requirements The Streamlined program The Streamlined program The IRS, to its credit, recognised the problems encountered by such non-wilful US individuals and so introduced the Streamlined Filing Compliance Procedures, with specific rules for taxpayers residing outside of the US. This allows them to get up to date without having to file every single tax return or form that they have missed.
President Biden’s American Families Plan and what it means
A new top tax rate of 39.6% A new top tax rate of 39.6% A key takeaway is the proposed increase to the top rate of tax from 37% to 39.6%. Prior to the change, the top rate of tax has been 37% since 2018. The new 39.6% rate is expected to apply only to the top 1% of taxpayers. It is yet to be confirmed what level of income the new rate will apply to, and the start date.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
Read time: 8 minutes Last updated: 11 Jan 2021 The CARES Act enacted by the US Congress on 27 March 2020 is an emergency package in response to the COVID-19 pandemic. The Act introduces a number of provisions to aid Americans and the US economy. We've highlighted a few key provisions affecting US individual taxpayers below.
IRS relief for those stuck in the US during COVID-19
Relief for individuals Up to 60 consecutive calendar days of US presence that are presumed to arise from COVID-19 travel disruption will not be counted for determining US tax residency under the US “substantial presence test”. For example, say we had a Brit assigned to work in the US on 1 January 2020 for a assignment of less than six months, however due to COVID-19 they have had to extend their stay beyond 30 June 2020 (the six months’ cut off point).
The basics of US Estate and UK Inheritance Tax
We have put together a detailed insight to give you a summary of some of the basic UK Inheritance Tax and US Estate Tax rules, with basic planning for those individuals that fall under both regimes. Domicile Domicile Since 6 April 2017, domicile is determined similarly for Income Tax and Inheritance Tax purposes. Under General Law, it is possible to keep your ’domicile of origin’ in the US, and it is based on your intention to return to the US.
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