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19 Jan 2020, 11:33 pm
Expats who can claim a provision in the treaty can do so by filing IRS Form 8833. [read post]
16 Jan 2020, 9:22 am
As well as filing to the IRS, American citizens have to report their foreign financial (i.e. bank, investment and business) accounts to FinCEN each year by filing a Foreign Bank Account Report (FBAR). [read post]
10 Jan 2020, 9:55 am
(FBAR penalties were added to the award calculation in early 2018, but the form was not updated and published until 2019.) [read post]
7 Jan 2020, 4:38 am
The report makes note that the clarification in the law (26 U.S.C. 7623(c)) that whistleblowers can be paid for FBAR violations (undeclared foreign bank accounts) as well as criminal fines has been a key – with $110 million of the $616 million collected based on that clarification of the law. [read post]
7 Jan 2020, 4:38 am
The report makes note that the clarification in the law (26 U.S.C. 7623(c)) that whistleblowers can be paid for FBAR violations (undeclared foreign bank accounts) as well as criminal fines has been a key – with $110 million of the $616 million collected based on that clarification of the law. [read post]
5 Jan 2020, 11:43 pm
The FBAR deadline remains unchanged for 2020, as October 15th. [read post]
30 Dec 2019, 1:17 am
FBARs are filed to FinCEN, and FinCEN penalties are much more stringent than IRS ones. [read post]
19 Dec 2019, 10:52 am
FATCA While Americans have been required to report their offshore accounts by filing an FBAR since 1970, FATCA sought to address the fact that the IRS had no way of enforcing the requirement. [read post]
16 Dec 2019, 4:51 am
To qualify, expats must not have been contacted by the IRS about their late FBARs, or be under IRS audit or investigation. [read post]
12 Dec 2019, 4:22 am
The FBAR filing deadline is currently October 15th, so most expats opt to file their FBAR at the same time as their US federal tax return. [read post]
5 Dec 2019, 1:07 am
By claiming one of these IRS provisions when they file, most expats don’t end up paying any US taxes. [read post]
2 Dec 2019, 1:23 am
Expats who can claim a provision in the treaty can do so by filing IRS form 8833. [read post]
28 Nov 2019, 12:05 am
” – Her Majesty’s Revenue and Customs UK citizens with financial (bank, investment, pensions etc) accounts in the UK may also have to report them in the US by filing a Foreign Bank Account Report (FBAR), and IRS Form 8938, depending on the total combined value of the account balances. [read post]
21 Nov 2019, 6:45 am
It requires expats to file voluntarily (i.e. before the IRS contacts them) their last three federal tax returns, and their last six FBARs (for applicable years), and to self-certify that their previous non-compliance wasn’t willful. [read post]
18 Nov 2019, 2:50 am
To qualify as tax deductible, donations have to be to an IRS-recognized US charity. [read post]
14 Nov 2019, 1:38 am
Last week the IRS announced the new figures for 2020. [read post]
11 Nov 2019, 4:09 am
FATCA also requires American expats with over $200,000 of foreign registered financial assets to report them every year on IRS Form 8938. [read post]
6 Nov 2019, 11:15 pm
Specifically, Americans with foreign financial assets that meet certain minimum value thresholds are required by FATCA to report them on IRS Form 8938 (as well as filing an FBAR). [read post]
31 Oct 2019, 2:51 am
Getting compliant The IRS recently also announced a new procedure called Relief Procedures for Certain Former Citizens for Accidental Americans to renounce their US citizenship without facing any penalties for previous US tax non-compliance.Regular US expats who are behind with their US tax or FBAR filing can catch up without facing penalties under another program called the Streamlined Procedure, so long as they do so voluntarily before the IRS contacts them. [read post]
24 Oct 2019, 12:08 am
Much steeper penalties can be incurred for not filing FBARs though, starting at $10,000 a year for non-willful (i.e. accidental) infringements. [read post]
