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
Whether you’re a United States expat frantically searching “2023 FBAR deadline” or a seasoned filer staying ahead of the latest FBAR filing requirements, we’re here to answer your FBAR questions. US expats typically have one or more foreign bank accounts to receive their income and facilitate payment of living expenses. For newcomers to the FBAR […]
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
For many Americans living abroad, learning that they have to file a US tax return is a surprise. Furthermore, the need to research head-scratching terms like “how to file FBAR” is often frustrating. The reason US tax season triggers headaches around the world is due to the US’s citizen-based taxation system. Under a citizenship-based taxation […]
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 […]
01/07/2021
On 31st December 2020, the IRS quietly dropped a Bitcoin bombshell as it released a statement saying that it intended to add virtual currency accounts as a reportable account under FBAR rules. The statement read: “FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts […]
12/07/2020
The nine million Americans who live abroad are required to file US taxes, reporting their worldwide income, the same as Americans living in the US. This is because the US taxes based on US citizenship, rather than on residence. When Americans abroad file their US taxes, by filing additional forms they can claim IRS provisions […]