04/10/2024
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 […]
02/28/2024
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 […]
08/31/2023
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 […]
01/09/2025
Nearly a third of Americans say they would like to move overseas if they had the opportunity to do so. While moving abroad can be the adventure of a lifetime, it can complicate your United States tax and reporting obligations. Case in point: FinCEN Form 114, also known as the Foreign Bank Account Report (FBAR). […]
05/17/2025
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 […]
10/04/2022
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 […]
04/30/2025
The Foreign Bank Account Report (FBAR) — aka FinCEN Form 114 — is a widely misunderstood reporting obligation. Unfortunately, failing to file it when required can lead to severe consequences. Whether you’ll be filing for the first time ever or just want to brush up on your knowledge, we’re here to help. Below, we’ll dive […]
04/05/2022
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 […]
02/03/2025
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 […]
08/19/2021
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 […]