What is FBAR? Should I file FBARs in my situation? This is the latest email from one of our clients. “I am an American living abroad. I am a US citizen. My wife is a green card holder and a foreign citizen. I filed my expat tax returns but didn’t...
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Filing Amended Expat Tax Returns
Amended expat tax returns can be filed for several reasons. A thorough review of an expatriate tax return is required to determine whether an amended return has to be filed. Reasons to file amended expat tax returns Incomplete income information. Quite a few American expats face this issue due to...
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Expat Tax Returns are due by October 15; additional extension is available until December 15
American expatriates receive an automatic extension to file an expatriate tax return by June 15. October 15 is an upcoming deadline for expat tax returns. American expats who were running behind and could not complete the expat tax preparation by June 15 had to file the form 4868. The form...
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IRS Foreign Compliance | FATCA vs FBAR
What is FATCA? What is FBAR? Do they have anything in common? Should I file both of them? What is the IRS foreign compliance policy? Many American expatriates living overseas are puzzled by new IRS foreign requirements. Let’s review some general findings. Different forms. While there is some duplication between...
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What is FBAR? How much are FBARs Penalties?
What is FBAR? What are the FBARs penalties? Per the recent IRS audit statement, post-assessment FBARs penalty cases are considered priority cases and should be processed expeditiously. Moreover, these cases must be completed and approved within 60 days of assignment. What is FBAR? The history of the FBARs goes back...
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