C'mon guys/gals....I need help here. I only answered part of my question. If anyone considers themselves an expert or quasi expert in this area I could use some input. I don't want my son to accept a job in the UK with blinders on to all the potential tax problems.
How are vacations treated?
I found the answer on vacations. Sorry, I was being too lazy.
If anyone is an expert in this area, I'd be interested in hearing from them. I have a son planning to live & work in the UK starting in November 08.
I'm very concerned that he'll screw-up the exclusion with too many visits back to the US, and fail to plan for his taxes owing huge amounts.
He's joining a 5-person consulting firm, all UK residents. He's mentioned he'll be a partner. That bothers me. If it's a UK partnership, does that mean he's self-employed for US social security? If he's joining a UK Corporation, that's different. He'll be paying UK income & social taxes,take a credit to offset US tax and won't be liable for US Social Security taxes, correct?
I'm also concerned that the exclusion is added back for AMT, right? Thus, more risk of underpayment.
I've looked at the Pubs briefly, but will be reviewing them in more detail soon. I'm hoping to find some good tax planning ideas for him.
How are vacations treated?
I found the answer on vacations. Sorry, I was being too lazy.
If anyone is an expert in this area, I'd be interested in hearing from them. I have a son planning to live & work in the UK starting in November 08.
I'm very concerned that he'll screw-up the exclusion with too many visits back to the US, and fail to plan for his taxes owing huge amounts.
He's joining a 5-person consulting firm, all UK residents. He's mentioned he'll be a partner. That bothers me. If it's a UK partnership, does that mean he's self-employed for US social security? If he's joining a UK Corporation, that's different. He'll be paying UK income & social taxes,take a credit to offset US tax and won't be liable for US Social Security taxes, correct?
I'm also concerned that the exclusion is added back for AMT, right? Thus, more risk of underpayment.
I've looked at the Pubs briefly, but will be reviewing them in more detail soon. I'm hoping to find some good tax planning ideas for him.