The Foreign Bank and Financial Accounts Report (FBAR) is a form that is required to be filed by U.S. taxpayers who have foreign financial accounts. The FBAR is used to help the government detect and combat international money laundering and terrorist financing. If you fail to file the FBAR, you may be subject to civil…
When you become an expat and move outside of the United States for your new job in another country, you will have many questions about your expatriate status. No matter how much research you did as you prepared to move to Dubai, Shanghai, London, Paris, Tel Aviv or Sydney, you’ll still not be totally prepared for this new phase in your personal and professional life. The staff of Expatriate Tax Returns considers…
Living and working overseas as an American expat comes with a unique tax filing position. It can often be complicated and full of hassle. Most tax advisers and tax return preparers are not experienced in the specific nature of expatriate tax returns. The expatriate tax professionals at Expatriate Tax Returns make up a stellar team…
It is important for all United States citizens living and working abroad to understand the American Citizens Abroad’s Same Country Exemption. This will have an important effect on expats and specifically on Expatriate Tax Returns. The National Taxpayer Advocate has recently come out in full support of regulatory changes to both FBAR (Foreign Bank Account…
The FBAR…No News is Good News! If you have more than $10,000 USD in foreign banks, you must file a Foreign Bank Account Report (FBAR), Form number TD F 90-22.1, reporting the financial institution(s) name, address, account number and highest balance of the year. This informational tax form is filed with the United States Department…
Foreign Accounts Tax Compliance Act (FATCA) In 2009, Swiss banks reported earnings to all American Citizens with offshore accounts. As a result, UBS paid $780 million to the Internal Revenue Service. Since then, more international banks have provided income information about American Citizens and Green Card Holders with foreign accounts to the IRS than ever…
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