09/21/2026
FBAR and Form 8938 are separate reporting requirements, and depending on what you own, where you live and how much your foreign accounts and assets are worth, you may need to file one, both or neither. The overlap is where people get caught out. At Bright!Tax, we regularly see expats assume that filing an FBAR […]
01/29/2026
Recognizing the unique sacrifices made by those serving, Congress originally enacted the CZTE back in 1918 as a way to show appreciation and provide tangible support. It’s been a cornerstone of military tax benefits for decades, evolving over time to adapt to changing circumstances. The CZTE is a lifeline for many service members. With the pressures of deployment, from separation from loved ones to the inherent risks of the job, having a tax break offers some ease when it comes to financial burdens.
01/28/2026
Moving to Canada sounds like a dream—until your first grocery run reminds you that avocados can be $2.49 each. In 2026, the cost of living in Canada remains high by global standards, and for Americans making the move, sticker shock is real. From housing to healthcare, utilities to university tuition, Canada’s expenses don’t always align […]
09/18/2026
Missed an FBAR? The penalties can be steep: up to $16,536 per annual report for non-willful reporting violations, with much higher limits for willful violations. But missing an FBAR doesn’t automatically mean you’ll face a penalty—or pay the maximum. “How much trouble am I in?” is a question we hear at Bright!Tax from Americans catching […]
01/26/2026
Getting scammed is one of those experiences you hope will never happen—and yet, it happens to millions of Americans every year. Maybe it’s a too-good-to-be-true investment, a phone call pretending to be the IRS, or an online “friend” who wasn’t who they said they were. However it unfolds, the result is the same: money gone […]
02/06/2026
You took the leap, set up a business abroad, and now you’re living the dream—until tax season rolls around and you hear about Form 5471. Suddenly, the IRS wants details about your foreign corporation, and missing this form could mean steep penalties. If you’re a U.S. shareholder in a foreign business, there’s a good chance you need to file. […]
02/06/2026
The IRS has a very inclusive definition of a “U.S. person”—and it’s not just about citizenship. If you hold a green card, live abroad, have American parents, or even spend a certain number of days in the States, congratulations: you may be a U.S. person for tax purposes. That matters because U.S. persons are required […]
01/23/2026
Not long ago, going without health insurance didn’t just mean taking a risk—it also meant paying the IRS. Under the Affordable Care Act (ACA), taxpayers without full-year coverage faced the “shared responsibility payment,” unless they qualified for an exemption. That’s where Form 8965 came in. Filing the form allowed taxpayers to claim a health coverage […]
02/06/2026
It’s the world’s most surprising membership: “accidental Americans.” These are people who hold U.S. citizenship—sometimes without even realizing it—and suddenly find themselves caught up in a global game of tax tag. Maybe you were born during a family layover in New York, or you inherited American citizenship from a parent, even though you’ve spent your […]
01/29/2026
Living abroad is great until rent, utilities, and “mystery building fees” start gnawing at your budget. The IRS does throw you a bone: if you live overseas long enough to qualify for the Foreign Earned Income Exclusion, you may also get a break on housing—employees can exclude eligible costs, self-employed folks can deduct them. Think […]