Thursday Thoughts
from Mary
at Matriarch Expat Tax
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Hello Reader,
I've curated some great pieces of content I've found over the past month to help you and your business stay “in the know” 🧐 and keep you updated on any important tax updates 💡 and news worldwide that may affect your expat life.
So, finish off your week with some notable news and interesting articles.
And in case you don't already follow Matriarch ....👇
✈️ Do Digital Nomads Qualify for the Foreign Earned Income Exclusion?
For digital nomads, the thrill of working remotely while exploring the globe comes with its own challenges—especially regarding US tax obligations. One key consideration is the "tax home," a critical factor in qualifying for the Foreign Earned Income Exclusion (FEIE). In our latest blog, we explain what the IRS expects, how to establish economic ties abroad, and why simply spending time overseas isn’t enough. Whether in Bali or Barcelona, understanding these rules can save you from costly surprises!
🏦 IRS Summons Enforcement Efforts Against Offshore Non-Compliance Continues
On December 23, 2024, the U.S. District Court for the Southern District of New York authorized the IRS to issue “John Doe” summonses targeting individuals who may have used the services of Trident Trust Group (“Trident”) or related entities to conceal foreign assets or income. This order marks the continued efforts in the IRS’s campaign to uncover offshore tax evasion and demonstrates its aggressive push to enforce compliance by U.S. taxpayers who used foreign accounts and entities to hide income.
Mapped: New Business Applications Across States Last Year
Thinking about starting a business? Knowing where entrepreneurship is thriving can give you a head start. This map breaks down new business applications by state in 2024, offering valuable insights for small business owners looking to make their mark.
Year-End Data Shows Consumers Prefer Credit Cards for Rewards and Debit for Convenience
Are you fully aware of how consumers choose to pay? Payment patterns help businesses understand consumer behavior and identify business opportunities. The latest data from PYMNTS Intelligence shows digital wallets are gaining momentum.
Small Businesses Prepare for a Potentially Disruptive TikTok Ban
A potential TikTok ban could impact millions of small businesses relying on the app for growth. Since its 2016 launch, TikTok has become a key platform for small business owners to build customer bases, advertise, and sell products directly.
21 States to See Minimum Wage Increases in 2025
Minimum-wage workers in 21 states will see pay increases in the new year, part of many law changes taking effect. The raises will impact 9.2 million workers, boosting wages by $5.7 billion, according to the Economic Policy Institute.
Canadian Tax Changes in 2025: What Canadians Need to Know
As Canadians welcome the new year, many are focusing on managing their finances amid rising costs. Several tax changes taking effect from Jan. 1 could impact budgets and tax filings, with the 2025 tax season officially starting in mid-February.
Major Changes to the Temporary Foreign Worker Program
In 2024, the federal government introduced major changes to the Temporary Foreign Worker Program (TFWP), including reduced LMIA validity and restrictions on visitors applying for work permits within Canada.
See you next month!
Mary 💗
