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
If you’re a US expat, you likely have a bank account located outside the US to help manage your income and other expenses. What you may not know is that you need to report these amounts to the US government each year. And this reporting process is very different from filing your taxes. US expats […]
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
Updated February 3rd, 2023 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” and how to file supplementary forms is often frustrating. The reason US tax season triggers headaches around the world is due […]
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
What are the possible consequences for Americans with foreign bank accounts who haven’t filed an FBAR? In this article, we take a closer look. What is it? FBAR is an acronym for the Foreign Bank Account Report. It is a reporting requirement for Americans with offshore financial accounts. It was introduced as part of the […]
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 […]