As 2017 draws to a close, tax reform has become a priority for both the current administration and for Congress. Many of our clients are wondering, “How Will Tax Reform Affect Expatriates?”
We’ve heard a lot in the media about tax brackets for individuals and domestic corporations, but the truth is that we do not have much information yet about how the proposed tax reforms will impact the already complicated world of Expatriate Tax Returns.
With tax reform, there are a number of variables in play for American expatriates. In September, Forbes speculated that corporations might only have to pay U.S. taxes on profits in the United States, but individuals might still be on the hook for their income worldwide. Earlier this year, the conservative group Americans for Tax Reform called for the repeal of the FATCA, or Foreign Account Tax Compliance Act, a 2010 statute.
The bottom line, however, is that tax reform will likely face many changes as it works its way through Congress. These tax reforms no doubt will affect Americans from Denmark to Dubai. It’s simply too early to know if and how these changes, if signed into law, will affect you. What we can tell you is that Expatriate Tax Returns will continue to follow all tax changes to the letter, as we have since our inception. Filing a tax return as an American expatriate is not a simple process, and it’s best for you to consult with professionals like our team of skilled CPAs at Expatriate Tax Returns. Please check back here on our Expat Tax blog for updates as the laws change and feel free to call our team with any questions at 877-382-9123.