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 […]
10/21/2020
Americans who haven’t filed their 2019 FBAR yet in 2020 have been granted an automatic filing extension until October 31st 2020. On Wednesday October 14th 2020, just a day before the regular FBAR filing deadline, the Financial Crimes Enforcement Network (FinCEN, to which FBARs are filed) announced an extension until December 31st 2020 by way of […]
02/13/2020
Americans who move abroad have to continue filing US taxes on their global income. This is because the US taxes all US citizens (and green card holders), wherever they live – including abroad. Most other countries only tax their residents on their worldwide income, or only tax income arising within the country, regardless where the […]
01/30/2020
All Americans have to file US taxes, reporting their global income. Expat Americans also often have to file additional reporting forms. Many expats aren’t aware though what exactly these additional reporting requirements involve, and in particular the difference between FBAR and FATCA reporting, or Form 114 vs 8938. In this article we’ll attempt to alleviate […]
12/16/2019
Despite living abroad, American expats are required to file US taxes, reporting their worldwide income. 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. They also have to report their foreign business interests. […]
12/05/2019
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 […]
10/03/2019
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 […]
01/07/2019
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 […]
12/06/2018
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 […]