Penalties to watch out for
Having to file tax returns every year can be challenging and painful. But what’s worse? The IRS can penalize you for all sort of reasons and it can cost you a great deal of money and time to resolve. Here is a list of penalties that are most encountered by taxpayers. Penalty for Not Filing […]
What is the streamlined filing compliance procedures?
For taxpayers living overseas who have not filed U.S. tax returns in the past, the IRS is providing options for resolving their tax and penalty obligations. The U.S. is one of only two countries (the other Eritrea) that taxes its citizens on their worldwide income regardless of their location. We know of taxpayers who have […]
FBAR Deadline Changed to April 15th
FinCEN Form 114 (FBAR) Report of Foreign Bank and Financial Accounts is an annual filing required for U.S. persons that have a financial interest in or signature authority (such as your relatives’ or employer’s account(s)) over foreign financial accounts, if the aggregate value of the foreign accounts exceeds $10,000 at any time during the year. […]
I’ve heard about FATCA, but will it affect me living abroad?
FATCA (Foreign Account Tax Compliance Act) is a US law introduced in March 2010. FATCA focuses on additional information reporting by US taxpayers about certain financial accounts and offshore assets. In addition, financial regulators, governments and banks are also affected. In foreign countries around the world, foreign institutions such as banks are required to report […]
Why should I keep records for my US taxes?
Good organization and recordkeeping is very important when tax deadlines approach in April (June for those living overseas). Good recordkeeping will help you with the following: – Prepare accurate income tax returns – Ensures you will provide all necessary information to you CPA – Keep track of valuable deductible expenses – Give you peace of […]
Are you a US citizen with a foreign bank account?
Update: For tax year 2013, Form TDF 90-22.1 has been replaced with by the new Form FinCEN 114 and is required to be filed electronically. The US government has required US citizens and green card holders to file Form TDF 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) to disclose account balances of […]