Projected U.S. Tax Rates for 2016

Projected U.S. Tax Rates for 2016
Forecast of Individual Income Tax Rates

Single

Taxable Income	Tax Rate
$0—$9,275	10%
$9,276—$37,650	$927.50 plus 15% of the amount over $9,275
$37,651—$91,150	$5,183.75 plus 25% of the amount over $37,650
$91,151—$190,150	$18,558.75 plus 28% of the amount over $91,150
$190,151—$ 413,350	$46,278.75 plus 33% of the amount over $190,150
$413,351—$415,050	$119,934.75 plus 35% of the amount over $413,350
$415,051 or more	$120,529.75 plus 39.6% of the amount over $415,050

Married Filing Jointly or Qualifying Widow(er)

Taxable Income	Tax Rate
$0—$18,550	10%
$18,551—$75,300	$1,855 plus 15% of the amount over $18,550
$75,301—$151,900	$10,367.50 plus 25% of the amount over $75,300
$151,901—$231,450	$29,517.50 plus 28% of the amount over $151,900
$231,451—$413,350	$51,791.50 plus 33% of the amount over $231,450
$413,351—$466,950	$111,818.50 plus 35% of the amount over $413,350
$466,951 or more	$130,578.50 plus 39.6% of the amount over $466,950

Married Filing Separately

Taxable Income	Tax Rate
$0—$9,275	10%
$9,276—$37,650	$927.50 plus 15% of the amount over $9,275
$37,651—$75,950	$5,183.75 plus 25% of the amount over $37,650
$75,951—$115,725	$14,758.75 plus 28% of the amount over $75,950
$115,726—$206,675	$25,895.75 plus 33% of the amount over $115,725
$206,676—$233,475	$55,909.25 plus 35% of the amount over $206,675
$233,476 or more	$65,289.25 plus 39.6% of the amount over $233,475

Head of Household

Taxable Income	Tax Rate
$0—$13,250	10%
$13,251—$50,400	$1,325 plus 15% of the amount over $13,250
$50,401—$130,150	$6,897.50 plus 25% of the amount over $50,400
$130,151—$210,800	$26,835 plus 28% of the amount over $130,150
$210,801—$413,350	$49,417 plus 33% of the amount over $210,800
$413,351—$441,000	$116,258.50 plus 35% of the amount over $413,350
$441,001 or more	$125,936 plus 39.6% of the amount over $441,000

source : https://www.irs.com/articles/projected-us-tax-rates-2016

The benefits of IRS e-filing are significant!

Check your US Tax Consultant and Return Preparer is an IRS Authorised e-file Provider.

Your personal data security is enhanced as the logistics of filing is electronic as apposed to manual (mail).

Authorized IRS e-file Providers (Providers) more effectively meet the expectations of their clients. They electronically file their clients’ returns including business, individual and information returns.

The IRS processes e-file returns faster and with fewer errors. This means quicker refunds and less contact with the IRS.

IRS e-file provides proof of receipt within 24 hours of sending returns to the IRS.

Individual and business clients can e-file balance due returns and schedule an electronic funds transfer (EFT) from their account for any date.

Taxpayers can delay out of pocket expenses by paying their individual income tax with a credit card. IRS e-file provides good return on your investment by saving money on costs of printing, mailing and document storage.

It also helps to keep client information more organized, centralized, and readily available when needed.

www.usglobaltax.com

Every Information for Taxpayers Living Abroad

Taxpayers Living Abroad

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside…

Click here to visit official IRS website!

Tax Filing from Abroad

U.S. Citizens and Resident Aliens Abroad

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside…

Click here to visit official IRS website for further information!

Ambassador Gilbert key note speech Amcham nz gala dinner. - 19/08/2016

Latest news - Note to Expats: No, You Didn’t Dodge the U.S. Tax Bullet

 Please click below link to see the article on Time website.

http://time.com/money/4298634/expat-expatriate-taxes-us-myths/

Solution – FATCA

FATCA requires compliance (with a limited number of exceptions) from all US citizens. In general US Expats must file FBAR Returns to achieve compliance and avoid serious penalties.

Our team of USA Expatriate Tax Professionals are able to quickly assess whether you are required to submit Financial Bank Account Reports (FBARs). 

If you are requires to submit an FBAR, we have a team of FBAR specialists who are able to quickly and accurately:

• collate your information;
• process your FBAR returns;
• ensure you are compliant;
• eliminate the stress and worry of non-compliance.

The cost of completing this is not significant, however the penalties for non-compliance are potentially financially crippling and/or life changing.

From beginning to end we are able to complete this within one month.

Contact our specialists here to discover whether or not you are required by the IRS to submit an FBAR.

US Global Tax - Staffs in Bangkok, Thailand

 US Global Tax - Staffs in Bangkok, Thailand

FBAR FILING DEADLINES

Date/Timing

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 made significant changes to the due dates and extension times of the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), for tax returns for tax years beginning after Dec. 31, 2015.

Who is affected

Any United States person with financial interests in or signature authority over foreign bank and financial accounts with a total balance exceeding US$10,000 at any time during the calendar year.

Details

FinCEN requires that FBARs be filed electronically.

FBAR filing is also required by certain individual United States persons even if they do not have a financial interest in a reportable account if they have signature authority over one or more reportable accounts. This may include an officer or employee of a United States entity who has the requisite control over the transfer or withdrawal of funds from foreign financial accounts.

As a result of the Act, the due date for FBARs will be changed From June 30th to April 15th. Additionally, a maximum extension will be available for a 6-month period ending on October 15.

Failure to file an FBAR report may subject the non-filer to civil and criminal penalties. Penalties for a willful failure to file can be as much as the greater of $100,000 or 50 percent of the amount in the account at the time of the violation. Since the statute of limitations for civil or criminal violations is generally six years for FBARs, total penalties from failure to file for multiple years could be more than the value in the account.

If you need more information, please visit our website. http://usglobaltax.com/fbar-filing-deadlines/

US Global Tax - Bangkok Office Opens

US Global Tax establishes its new office in Bangkok, Thailand

It is with great pride that we announce the establishment of a permanent office in Bangkok, Thailand.

14th Fl., Maneeya Center Building
518/5 Ploenchit Road
Patumwan, Bangkok 10330
Thailand
Tel: 02 251 2323, 02 254 7343
Fax: 02 652 0788

It is an honor and privilege that the family of the late James Rooney (US Tax Plan Limited) have selected our organisation to offer a continuation of the US. tax return preparation and advisory services provided by Mr. Rooney.

The team in Thailand will be led by Noi who has 28 years experience in the US. Tax field and will be supported by the USGTL team, both on the ground in Thailand and remotely.

We welcome Noi to the team. She is already proving to be a great asset and is adding something special to the team.

We also extend a genuine invitation to clients, friends, associates, colleagues, competitors and like minded people to drop in and say hi. Or simply make contact, you never know where it may lead.

Please use above image to visit our website see more information.

FATCA Compliance and US Expat Children

FATCA compliance for US Expat Children

This is a very important message for the parents of USA Expat Citizen children who have foreign financial accounts.
Who Must File an FBAR?
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

This includes Children of any age
Generally, a child is responsible for filing his or her own FBAR report. If a child cannot file his or her own FBAR for any reason, such as age, the child’s parent, guardian, or other legally responsible person must file it for the child.
Compliance is mandatory and the penalties for non-compliance can be horrendous.
If you require further information please contact the team at US Global Tax Limited. usglobaltax.com

Please click image on the top to visit our website to get more information.

AmCham Podcast – Thomas Carden – The Facts about FATCA

Thomase Carden, Director, US Global Tax

Plase click play button to listen to AmCham Podcast audio.

Original Source : US AmCharm Australia

IRS Update – Foreign Earned Income Exclusion

IRS Update – Foreign Earned Income Exclusion

Bona Fide Residence Test for United States Citizens living abroad

In April 2016 the IRS updated it’s guidance for passing the bona fide residence test in order to qualify for the foreign earned income exclusion. The bona fide residence test differs from the physical presence test by the fact that there is no set limit in the amount of days a U.S. citizen can stay in the United States during a 12 month period.

 To qualify for bona fide residence, you must reside in a foreign country for an uninterrupted period that includes an entire tax year. An entire tax year is from January 1 through December 31 for taxpayers who file their income tax returns on a calendar year basis.

 During the period of bona fide residence in a foreign country, you can leave the country for brief or temporary trips back to the United States or elsewhere for vacation or business.”

 To maintain your status as a bona fide resident of a foreign country, you must have a clear intention of returning from such trips, without unreasonable delay, to your foreign residence or to a new bona fide residence in another foreign country.

 Therefore your intent has to be to return to and reside in the country in which you are claiming bona fide residence (the foreign country). Claiming bona fide residence is not a “carte blanche” to spend unlimited time in the United States.

 Thus you may not qualify for bona fide residence in the first year you move to a new country unless you moved there on January 1st.

 Neither of these tests is absolute, the IRS caveats these rules with the statement “You do not automatically acquire bona fide resident status merely by living in a foreign country or countries for 1 year”.

 It is understandable that this may leave any taxpayer with questions due to the fact that the IRS qualifies the issue as a facts and circumstances test. In short the IRS will in case of audit determine the validity of the claim based on the taxpayer’s individual situation and make a determination specific to that case.

 As always the devil is in the detail with US expat taxation. Components of this test are definitely open to interpretation and able to be challenged by the IRS.

 If you have any concerns please contact the team at US Global Tax (usglobaltax.com) or other US Expat Tax Specialists. It is preferable to get it right, from the start than to suffer the potential penalties and interest that may be applied if you are incorrect.

 Thomas Carden, Director, US Global Tax

Tax Specialists for expats living in Australia, New Zealand and Thailand

Professional US Tax Specialists, providing US Expat Tax, FATCA and Cross Border Taxation services. New Zealand, Australia, Thailand and throughout South East Asia.

US Global Tax Limited is a professional US tax consultancy focused on meeting the IRS and FATCA compliance needs of US citizens, US expats and businesses who want to do business in the USA. Our team of International US tax specialists pride themselves on providing the best, most cost effective tax return  preparation and advisory services that will exceed the expectations of our clients.

US Global Tax’ team of US tax specialists, based in New Zealand, Australia, Thailand and USA  provide the following tax services: IRS non-resident tax returns, US Expat Tax Return Filing, FATCA compliance, US Expats Obama Care advice, Global Operational and Tax structure advice, Cross Border Taxation queries and advice, IRS Tax Return assistance and problem resolution for US Expats, Estate Planning for US Expats in NZ, Australia, USA, Thailand, Assisting non-US organisations do business in USA.

Excellent personalised service tailored specifically to meet your needs. In our opinion there is no such thing as a simple tax return. Each client is different and to provide the best service (legally minimising your tax obligations) our US tax specialists take the time to get to know and understand your circumstances and needs.

We are real people and we treat you the same.
Our Us tax spcialists focus on achieving full compliance, both IRS and FATCA at a reasonable cost.

If you need  further information, click below.

http://usglobaltax.com/contact/