by Mark Rayner | May 14, 2025 | TAX
US/UK Pensions: General Rules Both the US and the UK allow taxpayers to deduct annual contributions to qualifying pension plans within certain limits. Both the US and the UK may seek tax distributions from pension funds, so double tax mitigation measures are...
by Mark Rayner | May 14, 2025 | TAX
US taxpayers filing annual personal income tax returns may also need to file certain foreign (non-US situs) tax information returns where they meet the obligation to do so. Failure to file these additional returns can trigger automatic penalties of USD 10,000...
by Mark Rayner | May 14, 2025 | TAX
Who is a US taxpayer? Annual US tax filings are required from any US Person who meets the filing thresholds, usually having income and/or gain in excess of the standard deduction of approximately 15,000 USD, or having merely 5 USD in income if electing “married...
by Mark Rayner | May 14, 2025 | TAX
US Tax – Annual obligations A strict rule is that a US Person taxpayer must file personal federal income tax returns, personal foreign bank account reports (FBARS), and any personal information returns for every calendar tax year where they meet filing...
