While some are unaware of the obligation or choose to ignore it, many US citizens who live abroad are obligated to file an annual report of their foreign bank and financial accounts with the US Department of the Treasury. This report is called the Report of Foreign Bank and Financial Accounts and is commonly referred…
FBAR in the News: Mandatory FBAR E-Filing Postponed but Paper Filing Still Required As a citizen of the United Sates who lives abroad, you are still held accountable to the IRS via your US expat taxes. What many expats might not know is that they also have certain filing requirements with the US Department of…
As you have read our US Expat Taxes Explained series, you have probably gathered that there has been an increased effort to find expatriates who have undisclosed offshore accounts or assets, hoping to save money on their expatriate tax return. No expatriate is pleased about their obligation to file an expatriate tax return while they are…
Most expatriates love travelling around the world and, along the way, they’re likely to stash monies in different countries, oblivious to how this affects their US expat taxes. After time, this can cause some confusion with the US reporting requirements for offshore bank accounts, the implications of international wire transfers, and what to do with…
US citizens are taxed on their worldwide income and are required to file US expat taxes if their income exceeds the federal filing threshold, even with income from anywhere in the world. However, there have been numerous US citizens who have moved abroad and assumed that their lack of US-source income meant that they didn’t…
For those of you who are compliant with the IRS or have had a read through our Guide To US Expat Taxes, you’re fully aware that the IRS wants to know about your bank or financial accounts overseas — thus the need to file the FBAR. The Report of Foreign Bank and Financial Accounts (FBAR) is required…
The IRS has issued an important reminder today about FBAR filing requirements. Please see a summary of the notice below. If you have any questions, please contact us right away. 1. Due date for FBAR is June 30th, 2011, and no extensions are possible (even if you have an extension on your US expat taxes,…
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