It’s time for the weekly expat tax news roundup – your full service tax news station. This week we’re bringing you up to speed on Greenback Co-Founder David McKeegan’s article published in CPA Practice Advisor about how the tax reform could affect US tax returns and reporting for expats, how to decipher the subtle nuances of foreign bank account reporting, and myths that the IRS has debunked about tax filing!
Greenback Co-Founder David McKeegan Featured in CPA Practice Advisor
David McKeegan enumerates what expats can expect from the tax reform – and how it may affect US tax returns – in his article in CPA Practice Advisor.
Foreign Financial Account Reporting
The need to file US tax returns has come as a surprise to many expats. Knowing how to report your foreign financial accounts can be even trickier! The differences between FBAR and Form 8938 (FATCA) are slight, but we have outlined the distinctions so you know exactly what you need to know in order to be compliant. Read our handy guide to help understand the reporting requirements!
Debunked: Early Tax Filing Season Myths
The IRS recently came out with a list of tips to help taxpayers avoid some of the early tax-filing season misconceptions. For instance, they recommend not ordering a tax transcript in order to find out when you can expect a refund from your US tax returns. The IRS says there’s a better way to find out when your refund will reach you! Read the full list of myths on the IRS website.
Have a great weekend!
That’s all the expat tax news for this week. We’ll meet you back here next Friday with more info, but between now and then feel free to reach out to us with any questions that come up!