IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Report
WASHINGTON ― Recently, The Internal Revenue Service (IRS) made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans. As part of this, the IRS provided retroactive relief to eligible taxpayers who failed to properly choose this benefit in the past. In addition, the IRS is eliminating a special annual reporting require
US Expats Can Still Rock the Vote
It may not be a presidential election year, but that doesn’t mean that there is no benefit to voting! In the November 2014 elections, all the seats in the House of Representatives and one third of the Senate seats will be up for grabs. Will you make your vote count? Rocking the Vote If you are concerned that you can’t vote because you’re overseas, have we got news for you! The Overseas Vote Foundation (OVF) exists solely to help expats make sure their vote is counted. If you
Best Tax Advice if You Have Lost Your Job
It’s happened to many of us at one time or another—the dreaded job loss. While you can’t always prepare for it, when it happens it is important to understand the tax implications of a job loss–and how you can save on your taxes with your job search efforts. Here is our best expat tax advice for those who have unfortunately lost their job. What Income is Taxable? First off, it’s important to understand what post-job income is taxable. Severance Pay—Your employer will include a
