09/03/2020
FBAR is an acronym for Foreign Bank Account Report. It’s a filing requirement for Americans with bank or financial accounts overseas that meet certain criteria. Americans have been required to report certain offshore accounts since 1970, when the Bank Secrecy Act was passed to prevent money being kept offshore for the purpose of avoiding US […]
08/10/2020
Bright!Tax Continues to Raise the Bar Globally – Introduces Latest Innovation – a Secure Online Client Interface that Makes the Process of Filing US Taxes from Abroad a Whole Lot Easier! Most often when American expats engage a US expat tax firm to prepare their US taxes, they are first greeted warmly, but then are […]
07/21/2020
Choosing an expat tax professional or accountant is an important decision. Getting it wrong could literally cost you thousands of dollars, as they may not have the specialist knowledge to apply the best strategies or claim the right exemptions for your situation. One of the first questions you should consider when filing US expat […]
07/21/2020
Perhaps you’re already living in Mexico, or perhaps you’re thinking about moving there. Mexico certainly has plenty to recommend it, including beautiful landscapes and beaches, a fascinating culture, delicious food, and relaxed, friendly people. With the US dollar currently strong, it’s a good time to move to Mexico, so read on to find out what […]
09/03/2020
Since 1970, all Americans have been obliged to report their Foreign Financial Accounts, including any they have signatory authority over, if their accounts contain an aggregate total of over $10,000 at any time during a tax year. This filing obligation is commonly known as the Foreign Bank Account Report, or just FBAR. For many years […]
09/03/2020
The IRS re-introduced the Streamlined Procedure amnesty program in 2014 to help the millions of Americans living abroad who weren’t currently up to date with their US tax filing catch up without facing penalties. All US expats are required to file a federal tax return each year declaring their worldwide income, regardless of where in […]
07/21/2020
Perhaps you’re already living in Canada, or perhaps you’re either thinking about moving or you’ve just moved following the recent election. With the US dollar currently strong, it’s a good time for Americans to live in Canada, so read on to find out what you’ll need to know about filing your US tax return as […]
07/22/2020
What is FATCA? FATCA, or the Foreign Account Tax Compliance Act, is a law introduced in 2010 to help prevent offshore tax evasion that requires foreign financial institutions to report their American account holders to the IRS, including contact details and account balances, and Americans with assets abroad that meet certain requirements to report them […]
09/03/2020
The Bright!Tax Awards Committee is pleased to announce that Kersey Schott has been awarded the most recent Bright!Tax Global Scholar award. Kersey is a postgraduate student taking a Masters in European Studies at the University of Leipzig, Germany. She previously completed her undergraduate degree at Ohio State University, where she graduated Cum Laude. Kersey, who […]
09/03/2020
FATCA, the Foreign Account Tax Compliance Act, was a law passed in 2010 as part of a federal post-2008 financial crisis drive to crack down on tax cheats hiding their money abroad. An unintended consequence though has been the government both snooping on and increasing the tax burden on the estimated 9 million ordinary Americans […]