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Living and/or Working Overseas

1. Once you arrive overseas, be sure to determine whether you are subject to foreign income taxation. If you are making any declaration with the foreign tax departments, areas will be focused on your status as a resident and if you are subject to taxation. Before you make such a declaration, seek our advice to keep the benefits of the Foreign Sourced Earned Exclusion on your U.S. tax return.

2. Upon settling in to your new residence and opening a local bank account, ensure your information is correct with the bank’s application and be aware of the limits of daily bank balances for reporting to the U.S. tax authorities.

3. Review with us any state and U.S. tax deficiencies, Installment Agreements, Liens, Levies, Garnishments to ensure that the IRS, through the Secretary of State, does not suspend your U.S. Passport. You may want to consider a second passport just to insure that your U.S. passport is not you only passport should suspension or revocation occurs by surprise and you are not able to then fulfill the terms of your international job requirements of travel.

4. If you are selling your home in the U.S. and acquiring a property in the foreign location, many of the favorable U.S. tax laws will not apply.