IRS Cooperation - Amnesty Programs
The IRS announced recently that since the inception of its amnesty programs in 2009, over 100,000 delinquent taxpayers have taken the plunge and decided that participation is their best option.…
Read MoreFATCA
FATCA and Form 8938: how foreign financial assets are reported to the IRS and how foreign banks share account information.
New Pressure Put on FATCA Countries to Comply
Over the past several, years, the U.S. government has signed intergovernmental agreements (“IGAs”) with dozens of partner countries (83 altogether at latest count), which are designed to promote the…
Read MoreBusiness Entities Now Required to File FATCA Form 8938
Are you a U.S. citizen that conducts business overseas through one or more domestic entities, such as a U.S. corporation or partnership? If so, you (or more specifically, the entities that you own)…
Read MoreTime Extended to Certify Accounts
The IRS published guidance this past week that extends the time for certain foreign financial institutions, including banks, to certify which of their accounts opened prior to the enactment of FATCA…
Read MoreMost U.S. Expats Do Not File Correct U.S. Tax Returns
For most U.S. citizens living abroad, life is pretty good – at least that’s what the latest statistics are telling us. In a 2015 survey of thousands of expats worldwide, a whopping 81% responded that…
Read MoreTax Changes Coming in 2016: What U.S. Expats Need to Know
While the past year did not produce any monumental changes to U.S. tax law, there are a number of noteworthy changes that expats should keep in mind as they enter the 2016 tax year.
Read MoreThe US Signed CAAs with Australia and the UK
On September 24th, the IRS announced that the United States had signed competent authority arrangements (“CAAs”) with Australia and the United Kingdom in furtherance of previously signed…
Read MoreFailed to Report to the IRS?
U.S.-resident taxpayers who own all or part of a foreign corporation or trust may be required to attach certain international information forms, such as the Form 5471 or 3520, to their federal income…
Read MoreWhat Is FATCA?
In the tax world, some people believe that the Congress added an extra letter to the word FATCA just so people would avoid characterizing it as a foul four letter word. Whether or not this is true…
Read More10 U.S. Expat Tax Filing Tips
It’s hard to believe, but once again we’re approaching that infamous time of the year when we all start to think about our U.S. taxes and pull together the energy needed to put this often complicated…
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