Greenback Expat Tax Services
Now more than ever, the IRS has made it a priority to improve compliance with rules around the reporting of foreign assets and income. Since it’s estimated that the government misses out on billions of dollars in tax revenue a year as a result of avoidance, it’s easy to understand why. While hefty penalties or […]
If you don’t keep up with IRS news these days, that’s okay, because Greenback is keeping track of it for you. This past year, the IRS shifted its focus pretty vigorously towards compliance and tax for US citizens living abroad. And recently, the IRS launched six new compliance campaigns. These campaigns give us insight into […]
Being late on taxes has always put expats in a risky spot, and the IRS has ramped up the stakes now more so than ever. To help with the upcoming compliance initiatives, passport revocation, and new options for late filers, the expert accountants at Greenback are hosting a free webinar for expats behind on US […]
“The hardest thing in the world to understand is the income tax.”- Albert Einstein If Albert Einstein, purportedly one of the brightest minds in known history, found income taxes hard to understand, it is not surprising that more ordinary minds (us!) have a hard time understanding it, too! Being Behind on Your Taxes Is Not […]
Many expats don’t realize that they still are required to file annual Federal Tax Returns to the US long after they’ve moved abroad. In fact, they’ll need to file each year as long as they meet the income threshold and retain their US citizenship. But, there is a way to get caught up without paying […]
Calling all Americans abroad! The new compliance campaigns that the IRS has launched in recent months are unquestionably aimed toward one group in particular: Americans abroad who haven’t filed their taxes. So, we’re going through the campaigns one by one to get expats the information they need in order to prepare in advance. Read on […]
The last deadline for expats with an extension is tomorrow, October 15th. If you are an American living abroad who hasn’t filed this year but has received income, this means you’ll be filing taxes late. Though the phrase better late than never does apply here, you’re going to want to get your annual filing finished […]
Many US expats file their late tax returns and past-due foreign bank account reports (FBARs) through the Streamlined Filing Procedures. This IRS program waives the late-filing penalties for expats who qualify. The streamlined program requires that expats file at least three years of past-due tax returns and at least six years of past-due FBARs. US […]
The IRS’ six new compliance campaigns aim to crack down on noncompliance for American taxpayers – specifically expats. One of the latest campaigns will be seeking out those who are noncompliant in the aftermath of the termination of the OVDP (Offshore Voluntary Disclosure Program). What Was the OVDP? The OVDP was an amnesty program offered […]
The Streamlined Filing Procedures are a great method to get caught up on delinquent taxes if you meet the requirements of the IRS amnesty program. When filing this way, there’s no set timeline for when your late tax returns and FBARs will be reviewed – but the important thing is that you’ve submitted everything to […]
