Thursday Thoughts
from Mary
at Matriarch Expat Tax
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Hi Reader,
I’ve missed you all! With the April 15 tax deadline and the June 15 expat tax deadline, I’ve been solely focused on my clients! But I’m back now with some updates, highlights, and a new blog 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 ....👇
When Your Foreign Home Becomes a US Tax Burden
Owning your foreign home through a local company might make sense abroad, but for US tax purposes, it can create hidden reporting burdens and unexpected tax consequences. Our new blog breaks down what happens when a personal residence is held inside a foreign corporation, why Form 5471 and CFC rules apply (even when there’s no rental income!), and how selling that home can create unexpected tax bills... all without access to the familiar §121 home sale exclusion. ➡️ Check out the full blog here!
US Senate Republicans unveil changes to Trump tax-cut bill
The Senate Finance Committee released its version of the GOP's tax package, proposing significant modifications to the House-passed bill. Key changes include permanently extending the current $10,000 cap on state and local tax deductions, which conflicts with the House's plan to increase this to $40,000 for certain taxpayers. The Senate version also proposes deeper cuts to Medicaid funding and delays the phase-out of certain clean energy tax incentives.
➡️ Read the full article here: CNN
Pentagon Expands Middle East Response as Israel, Iran Trade Strikes
The US has increased its military presence in the Middle East and Europe, deploying refueling aircraft and an aircraft carrier to respond to escalating hostilities between Israel and Iran. These moves are intended to safeguard US interests and provide rapid response options if American installations are threatened.
➡️ Read the full article here: Washington Post
The US economy added 139,000 jobs in May, slightly more than expected
The May jobs report showed the US economy added 139,000 jobs, beating expectations of 130,000, while unemployment held steady at 4.2%. However, economists warn of signs of labor market cooling, with March and April job gains revised down by a combined 95,000 positions. The report reflects ongoing economic uncertainty driven by President Trump's tariff policies and policy shifts.
➡️ Read the full article here: CNN
Visa Bulletin for June 2025
The June 2025 Visa Bulletin outlines the latest priority dates for immigrant visa applicants, detailing when applicants can file for adjustment of status. The bulletin reflects ongoing backlogs and changing availability in various visa categories, which may impact family and employment-based immigration.
➡️ Read the full article here: US Dept of State
Global Economy Set for Weakest Run Since 2008 Outside of Recessions
The World Bank projects global growth to slow to 2.3 percent in 2025, nearly half a percentage point lower than expected at the year's start. Growth forecasts have been cut for nearly 70% of all economies due to heightened trade tensions and policy uncertainty. The report warns this could be the slowest decade of growth since the 1960s if current trends continue.
➡️ Read the full article here: Worldbank
Understanding the New Travel Restrictions Effective June 9, 2025
A Presidential Proclamation issued on June 4, 2025, bans citizens from 12 countries (including Iran, Libya, Somalia, Sudan, Yemen, and others) from entering the US, with additional restrictions on nationals from seven more countries. These measures, effective June 9, are justified as necessary for national security and follow a Supreme Court precedent upholding such entry bans.
➡️ Read the full article here: Gunster
That's all for today...
See you next month!
Mary 💗
