03/21/2024
As a digitally savvy expat, you likely have some experience with money service providers and payment systems like Wise, PayPal, and others. And it’s all fun and games until it’s time to file your FBAR (Report of Foreign Bank and Financial Accounts), the annual disclosure of your foreign financial accounts held outside the US. Generating […]
02/23/2024
If you still have US citizenship, your worldwide income is subject to US tax rules. No matter what country you currently call home. Still, many American expats spend years abroad without being aware of the fact, so they fail to file a tax return with the IRS. And when they learn about it, they are […]
10/10/2022
Moving to a new country (though rewarding!) comes with many challenges. Beyond finding a new place to live, the move may involve adapting to a new culture, building a new social or professional network, and in some instances, opening a foreign bank account to manage your finances while abroad. Opening a foreign bank account isn’t […]
08/16/2022
Moving overseas is a major life goal for many Americans. According to a Gallup poll, over 16% of Americans would like to move out of the US in the future. Further, that number is increasing year over year as Americans embrace location-independent work post-COVID. Whether it’s to retire early or escape the current political climate, […]
07/01/2022
Big changes in tax regulations are coming for US expats who file their tax returns overseas. On June 21, 2022, the US Supreme Court decided to review the case of Bittner v. United States to determine how it would impose FBAR penalties. In this article, we’ll give you a brief overview of what the FBAR […]
06/23/2022
Just like taxpayers on US soil, Americans abroad typically have one or more bank accounts to receive their income and facilitate payment of living expenses. For expats, the fact that these accounts for everyday financial management are foreign creates an additional U.S. Treasury reporting requirement called the FBAR, or the Foreign Bank Account Report. For […]
06/22/2022
Becoming an expat can enhance your life in many ways. For many, it may mean you’re no longer beholden to a standard 9 to 5 schedule, and instead free to explore different cities and countries, on your schedule. But, while working remotely offers more flexibility and freedom, it also comes with some important tax reporting […]
12/01/2021
The Foreign Bank Account Report (FBAR) is filed using FinCen Form 114, though much about this US reporting requirement is misunderstood. In the following article, we dive into the essential elements of FinCEN Form 114, providing key background information, and detailing who must file and deadlines in 2024. Ensuring adherence to these regulations is key […]
09/23/2021
A Foreign Bank Account Report or FBAR is a filing requirement for Americans with overseas registered financial accounts. The FBAR filing requirement was introduced as part of the 1970 Bank Secrecy Act, and it was intended to reduce offshore tax evasion by resident Americans. Many Americans living abroad fall into the same net: even if their foreign […]
07/08/2021
FBAR late-filing penalties can quickly accumulate when you’re a US expat. Officially known as the Foreign Bank Account Report, this administrative form is a common source of frustration for US expats for numerous reasons. Firstly, it’s often difficult to find detailed but digestible information on the topic, including whether or not you need to file […]