When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number still
U.S. Income Tax for Expatriates, Nonresidents & U.S. International Tax Matters
The blog "U.S. Income Tax for Expatriates, Nonresidents & U.S. International Tax Matters," published by Kauffman Nelson LLP, focuses on U.S. tax obligations and planning strategies for expatriates, nonresidents, and individuals with international tax concerns. It covers topics such as filing requirements for U.S. taxpayers living abroad, including FBAR and Form 8938 disclosures, foreign earned income exclusion, foreign tax credits, tax treaties, and reporting foreign financial accounts. The blog also addresses consequences of late or non-filing, tax extensions for expatriates, and options for citizenship or residency to optimize tax liabilities. The content is aimed at helping U.S. citizens and residents comply with complex international tax laws and minimize their tax burden.
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What happens if you don’t do your taxes on time or never ?
Not filing your tax return or paying your taxes on time or at all can lead to serious consequences, including:
- Penalties for late filing: The IRS will issue a Failure to File Penalty of 5% of the unpaid taxes you owe
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The 10 Cheapest Countries Where You Can Buy Citizenship or Residency For as Low as $19,000
From entrepreneur Magazine:
https://www.entrepreneur.com/business-news/these-are-the-cheapest-countries-to-buy-a-citizenship/454254?utm_campaign=Daily%20Newsletter&utm_medium=email&_hsenc=p2ANqtz-_w_pC99dlBIpi2WjvS_v5wrkudeySUSDAly1Ny9VBw_-7WhW5hF-hQmFb66R7quEi3kSzLz7UBVCBHBC4DCDCm57aztw&_hsmi=291018315&utm_content=291018315&utm_source=hs_automation (copy an paste this link into your web browser)Find the country you can live in and save taxes. We can help you save on your US taxes if you live abroad either as retired person or…
2023 Tax Extensions for US Expatriates and Other Beneficial Special Rules for US Expatriates
The Internal Revenue Service reminds taxpayers living and working outside the U.S. to file their 2023 federal income tax return by Monday, June 17, 2024. This deadline applies to both U.S. citizens and resident aliens abroad, including those with…
IF YOU OWE THE IRS MONEY AND ARE LATE IN PAYING HAS THE POWER TO SUSPEND OR TAKE AWAY YOUR US PASSPORT
If you owe the IRS money (and are very late in paying) can legally request the US State Department not renew it or suspend your US passport. They also have in the past requested US Customs and Border agents to…
NEW LAW WILL REQUIRE TAXPAYERS TO REVEAL TRUE OWNERSHIP OF CORPORATIONS AND LLCS OR PAY SUBSTANTIAL PENALTIES
A new law that’s taking effect next year is going to require millions of small businesses to begin filing disclosures about their true ownership with the Treasury Department or face stiff penalties, and most are unaware of it.As a result…
