Non-compliance has serious penalties, but the good news is that for late and non-filer expats the IRS has a procedure for low-risk taxpayers to catch up - without penalties - if they now voluntary file returns for the last 3 years and FBARs for the last 6 years.
IRS Announces Efforts to Help US Citizens Overseas Including Dual Citizens and Those...
US Social Security & Medicare taxes may still apply to what you earn for services performed as an employee or independent contractor outside the US. When do they apply? See the article IRS Social Security Tax Consequences of Working Abroad.
IRS The 3.8% Net Investment Income Tax: information about key planning opportunities and pitfalls presented by the Patient Protection and...
Even though few US citizens and green-card holders living abroad owe any US taxes, most are required to file with the US government:
On Tuesday, May 28, the Economic and Monetary Committee of the European Parliament held a public hearing on the implications for Europe of FATCA implementation.
FAWCO and AARO wrote to two members of the EU Committee expressing concern for two segments of the population they represent: Europeans with American spouses or domestic/business partners, and "accidental" Americans with dual nationality, who...
Americans Abroad are Denied Access to Banking and Investment Opportunities
Americans living and working overseas should have the right to banking and investment services, where they reside and in the United States. This is critical in the modern world. Americans abroad should not be subject to discriminatory policies that restrict or shut down banking relationships.
Many banks in the United...
The Impact of the Foreign Account Tax Compliance Act (FATCA)
FATCA, the Foreign Account Tax Compliance Act, targets those who evade paying taxes by hiding assets in undisclosed foreign bank accounts but negatively impacts and penalizes American citizens overseas and US economic interests.
FATCA requires Foreign Financial Institutions (FFIs) to provide annual reports to the IRS, either directly or through...
Two members of the Americans Abroad Caucus (Representatives Mike Honda of California and Carolyn Maloney of New York) have been joined by Representative Jim McDermott of Washington in requesting that the U.S. Government Accountability Office conduct a review of the potential impacts of any reduction in or elimination of current I.R.S provisions for exclusion of foreign-earned income and housing costs...
