FBAR News For US Expats

American expats are required to file US taxes, reporting their worldwide income, despite living abroad. When expats file, they can claim one (or in some cases multiple) IRS provisions to reduce their US tax bill, such as the Foreign Earned Income Exclusion and the Foreign Tax Credit. That also have to report their foreign business interests. […]

If living abroad requires courage and mental fortitude, in return it rewards expats with the experience of a lifetime. Americans who live abroad still have to file US federal taxes though, reporting their global income. Many also have to file foreign taxes in the country where they live, and possibly US state taxes too. This […]

Over 9 million Americans have chosen to embrace the adventure of a lifetime – living abroad. Many don’t realize though that the US tax system requires all US citizens to file US taxes, reporting their worldwide income, wherever in the world they might be. In contrast, most other countries either just tax residents, or just tax income […]

Americans living abroad are required to file US taxes, reporting their worldwide income.   To avoid paying any US taxes when they file, expats can claim one or more exemptions that the IRS has made available. There are also additional reporting requirements for US expats, notably reporting their foreign financial accounts annually by filing a […]

All American citizens and green card holders, including expats, are required to file an annual federal tax return, reporting their worldwide income. Filing a US tax return from abroad as an expat is typically more complex than filing in the US though due to additional filing requirements. For example, the majority of expats can avoid […]

American expats are fortunate in many ways, not least because living abroad and engaging with another culture is the experience of a lifetime. There is one sense in which US expats are less fortunate though, in that they are required to file US taxes from abroad, reporting their worldwide income, regardless of whether they are […]

The US has an unusual tax system that requires all Americans to file US taxes, whether they live in the US or abroad, reporting their worldwide income. Many US expats aren’t aware of this requirement, so they only concentrate on filing and fulfilling local tax obligations in the country where they live. Many expats also […]

With President Trump’s former campaign manager Paul Manafort having been found guilty this week of eight out of the eighteen charges that he faced, the acronym FBAR has been in the news again. An FBAR (Foreign Bank Account Report) is an important reporting requirement for Americans with overseas financial accounts, including millions of expats, many […]

Filing US taxes from abroad has been a requirement for American expats for around 150 years, however until recently it wasn’t a requirement that the IRS was able to enforce, so many expats didn’t bother. Since the 2010 Foreign Account Tax Compliance Act (often referred to as FATCA) however, the IRS now has access to […]