Common US tax issues for UK filers

Common US tax issues for UK filers

http://ift.tt/2uGvdRb The U.S.-U.K. tax treaty is one of the most beneficial treaties. But…because the US taxes based on citizenship, not residence, there are many tax traps lurking for UK citizens living in the US, and US persons living in the UK. The United States and United Kingdom have different tax years This can complicate things.  The calendar year must be used to calculate US taxes; not the UK tax year. Duplicative work is required The typical issues: The Foreign Earned Income Exclusion Foreign Tax Credits Treaty Information FBARs, FATCA, etc UK specific tax issues US person living in the United Kingdom UK person living in the United States Reporting requirements for private pensions, qualified life insurance policies, Individual Savings Accounts, treaty benefits and totalization benefits.. Non-UK financial accounts: Understanding other countries treaties that might be involved is critical. Our US-UK clients tend to be extremely mobile, creating additional tax complications. Parent & Parent LLP 60 East 42nd Street SUITE 4600 New York, NY 10165 (212)256-1335 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/xcAvXuJSCcs IRS Medic