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U.S. Tax Cuts and Jobs Act Brings Changes: What That Means for Expats

March 25th, 2018

Posted By

Joseph R. Viola

President Donald Trump made tax reform a part of his campaign. He promised to simplify the U.S. tax code and reduce tax burdens, particularly on corporations and small businesses. On December 22, 2017, after months of intense debate in Congress, Trum… Read More

Categories: Tax Cuts and Jobs Act, Tax Deductions, Tax Exemptions

Tax FAQ & Info

When I defaulted on my loan payments, the lender issued a Form 1099-C which makes it look like I was paid income – what’s that all about?

Thanks in large part to a wrongly-decided Depression-era U.S. Supreme Court case, if you borrow money and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The theory is that the portion of the loan you will no longer be required to pay back is a "windfall" reportable as income. The lender is usually required to report the am…

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U.S. Tax Cuts and Jobs Act Brings Changes: What That Means for Expats

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