Will Form 8854 Taxation 2023-2024

Hello my name is Stephen floss I'm the principal here at Flodden co in arlington virginia today I want to focus primarily on people who are US citizens by birth or by naturalization and now reside outside the United States the United States is unique among countries in the world because it taxes its citizens based on citizenship in addition to residents all other countries in the world tax solely based on residents or based on income from sources within their country if you are a US citizen you are subject to tax on your worldwide income from all source if none of your income comes from sources within the United States as strange as it may sound it is US law say you're a US and check dual national living in the Czech Republic for all of your working life you've been in the Czech Republic and all of your income is from sources within that country if you earn more than 10,000 u.s. dollars you must file a US tax return in the United States and comply with foreign bank report filing laws it doesn't matter that you are also a Czech citizen under US law as a US citizen you're expected to declare your worldwide income to the US Internal Revenue Service as if you lived within the United States there are some differences that US citizens living outside the United States will take into account when filing their US tax returns that citizens living within the United States will not but in principle the United States taxes its citizens on their worldwide income irrespective of where and from what sources they generate their income let's touch on a few misconceptions that i have heard over the years a lot of people think that if they live...