TAXATION OF AMERICANS (GRINGOS) UNDER MEXICAN TAX SYSTEM

Review and download this excellent PWC book on taxation of nonresidents in Mexico.  HERE  If you need help filing or planning for your US income Taxes while living, working or operating your business in Mexico contact us at www.TaxMeLess.com or email ddnelson@gmail.com

US Expatriate Tax Return Due Dates

If you live abroad, your US return is due on 6/15/14 for 2013. You can file for an extension which will allow you to wait until 10/15/14 using form 4868 or go to IRS website at www.irs.gov and you can file the extension on line using free file.  The extension does not extend the time to pay any tax you owe.

For the FBAR (foreign bank account report) you must file it by 6/30/14 for 2013 and no extensions are granted.  It is now called form 114 and is filed on line at:     http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html    Be sure to keep your receipt and download a copy of the form (in pdf format) so you have proof of filing. The IRS systems sometimes get mixed up.

Fideicomiso Fees comparision between banks

Though the US IRS does not require you file any special forms for your fido anymore (since June 2013), Mexico will not be eliminating the requirement for foreigners to hold real property through Fideicomisos since the banks do make a lot of money for them.

See the following link for a comparision of the fees charged by the Mexican banks:  http://www.thepaperchase.com.mx/blog/

Are You Inviting an Audit?

http://triblive.com/mobile/5740073-96/irs-business-audit

10 MOST EXPENSIVE STATES TO PAY TAXES ...WHY EXPATS NEED TO EFFECTIVELY SURRENDER STATE DOMICILE

Some states make it difficult for expats abroad to stop paying state taxes. Some of the most expensive states are those ones. See most costly income tax states in article below.

http://www.gobankingrates.com/tax/top-10-most-expensive-states-file-taxes/

US EXPATS & FOREIGN PENSION PLANS

From Forbes ... An excellent article on US taxation of foreign pension plans... Many problems and surprises

http://www.forbes.com/sites/janetnovack/2014/03/06/pensions-create-yet-another-tax-trap-for-u-s-expatriates/

INTERCAM PRESENTATION IN IXTPA AND ZIHUATANEJO MEXICO RE US EXPATRIATE TAXATION, FBARS, ETC.

See Don Nelson's presentation for INTERCAM  in Ixtapa and Zihuatenajo Mexico on FBARS, and US taxes in Mexico for Americans Living in Mexico below:

Don D Nelsons, Attorney CPA presentation in Ixtapa Mexico

Visit his informative websites full of valuable and  informative information at www.TaxMeLess.com and www.expatattorneycpa.com 

US Expatriate and International Tax Expert to Speak in Puerto Vallarta, Mexico on February 12, 2014

FATCA AND IRS REPORTING FOR DUMMIES - INVESTING IN MEXICO MADE EASY

INTERCAM GRUPO FINANCIERO will Present a Seminar on February 12, 2014 in Puerto Vallarta at the Hotel Marriott Casa Magna featuring Don D. Nelson, US Attorney and CPA.  He is a US expatriate and international tax expert who has been assisting Americans in Mexico for over 23 years.  The seminar will be at 6pm.

He will speak on:

• IRS filing requirements for reporting Mexican and other foreign financial accounts and how to avoid penalties for failing to file in a timely manner.
• The new form 8938 required to report Mexican and other foreign financial assets
• The new on line filing requirements for FBAR (foreign bank account reporting).  Yes you can no longer file on paper.
• IRS Reporting for Mexican Businesses, Corporations, and real estate.
• What to do if you have not been filing your US tax returns or foreign assets reporting forms and how to reduce or avoid the high penalties that may be imposed.
• Current IRS audit procedures and policies for expatriates.
• And he will answer your other questions on US taxation of those who live and work in Mexico

Don's informative and useful tax websites are located at www.TaxMeLess.com and www.Expatattorneycpa.com

Contact intercam at 52-322-2090696 to reserve your space.

Mr. Nelson will also be presenting a seminar in Melaque  on February 13th at 6pm in the Hotel Cabo Blanco.  Call (315) 3556341 to make reservations or learn more.

States with No State Income Tax

The states listed in this link are great for expats who do not want to worry about their home state trying to collect income taxes though they live and work abroad.  Establishing residency in a tax free syate is good tax planning for expats who live in states with laws that make it difficult to avoid state taxes when an expat,
  http://abcnews.go.com/Business/states-income-tax-us/t/story?id=21490926&ref=http%3A%2F%2Fnews.google.com%2F

US BANKS MUST REPORT INTEREST EARNED BY NONRESIDENTS TO IRS WHO WILL SEND TO NONRESIDENT'S HOME COUNTRY

Read details of new reporting here. http://mobile.bloomberg.com/news/2014-01-14/u-s-banks-must-report-foreign-clients-interest-judge.html

IRS Video Help

Tax Videos from IRS Available To Help You File in 2014 http://www.irs.gov/uac/Newsroom/Tax-Videos-from-IRS-Available-To-Help-You-File-in-2014

Fideicomiso IRS Final Filing Suggested With IRS

In June of 2013 the IRS ruled that Fideicomiso property owners no longer had to file forms 3520 and 3520a. It is recommended if you previously filed these forms that you file for 2013 with it marked as FINAL at top and attach a statement referring to the ruling and explaining the forms are no longer required. This will avoid possible letters and fines from IRS when they later find you have not filed the forms!