A "Covered Expatriate" refers to someone who has renounced US citizenship or ended long-term residency, with specific tax conditions: net worth over $2 million, high average annual net income tax, or failure to certify tax compliance for the last five years.
Read MoreForm 8854, officially titled the "Initial and Annual Expatriation Statement," is used by U.S. expats who have renounced their U.S. citizenship or long-term residents who have ended their residency status. The form serves several key purposes in the context of U.S. tax obligations for expatriates:
Read MorePensions represent a cornerstone of long-term financial security, regardless of your age. Establishing a pension plan lays the groundwork for a reliable income stream during retirement, ensuring a comfortable and stable post-working life. What sets pensions apart from other investments is the advantageous tax relief they receive in both the U.S. and the U.K. These tax benefits make pensions an invaluable addition to your retirement portfolio, offering financial support that complements other investment strategies.
Read MorePensions and retirement have taken centre stage in the Autumn Statement 2023. Many Americans living in the UK will be aware of the complexities of navigating the US and UK pensions on their yearly tax return. Unfortunately, this is an area where we often see the largest portion of mistakes when new U.S. U.K. tax filers come to us.
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President Joe Biden has recently introduced his own COVID-19 takedown strategy which involves smarter testing, quicker vaccinations, and all-around health equity. Biden encourages us to “listen to science”, counteracting Donald Trump’s speeches that would involve him ignoring health-recommendations and mocking scientific evidence.
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Data collected by Bambridge Accountants New York suggests that President Biden has had a positive impact on US Citizenship renunciation trends.
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