Ever since President Trump unveiled his so-called Tax Cuts and Jobs Act just before Christmas in 2017, tax experts familiar with the complex way American expatriates are taxed have been sounding the alarm about what were initially assumed to be the unintended consequences of that legislation on American small-business owners overseas.
When the Hollywood version of Kevin Kwan's 2013 novel, Crazy Rich Asians, hit the world's cinemas recently, English-language commentators familiar with the multi-cultural Singaporean dialect took note of the "Singlish" words used in the film – such as "lah", which Singaporeans like to add to the end of a phrase for emphasis.
Although Brexit continues to dominate the media coverage of U.K. political matters, long-time watchers of the political scene know that before the month is out, the U.K. chancellor, Philip Hammond, will present his budget for the next financial year.
In 2015, Congress enacted a law that would revoke the passports of U.S. citizens who were “seriously delinquent” on their U.S. taxes. The enforcement threshold was set relatively high, however – at US$50,000 in outstanding tax, interest and penalties. (A provision was included to adjust annually for inflation going forward, so the amount now stands at US$51,000.)
The American Expat Financial News Journal’s “Essential Financial Acronyms for Americans Living Abroad” is designed to help our fellow Yanks in Expatland to navigate the international seas of the financial services industry.
