Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114.
Who must file?
Any US person (citizens, resident aliens, trusts, estates and domestic entities) with an...
US Tax & Banking
US Tax & Banking Articles
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“The Debrief,” a quarterly webinar offered by FAWCO sponsor London & Capital, is your chance to bring your burning questions to Pau Morilla-Giner, Chief Investment Officer. It’s accessible to everyone, regardless of your financial knowledge.
Whether you’re a seasoned investor or just starting out, this webinar is for you! Join Iain Tait, Partner and Head of the Private Investment Office,
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London & Capital, the FAWCO sponsored resource, has published an article in November 2023 called “Considerations for US Persons Coming up to the 2023 Tax Year End.” Although this article is geared mainly toward Americans living in the UK, it does summarize six strategic areas that US citizens living abroad need to be aware of: Capital Gains Planning, Foreign Tax...
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From FAWCO’s Sponsored Resource Partner, London & Capital
Divorces are always a challenging time for everyone involved. The emotional strain is felt not just by those individuals separating, but by children and the wider family. The decision to divorce is inevitably followed by a focus on financial issues and how family assets will be divided. This often fraught debate can...
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According to IRS.gov, there are indicators that specify how long you should retain certain legal documents pertaining to your taxes. Below is an excerpt from the website.
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction...
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From FAWCO’s Sponsored Resource Partner, London & Capital
What is a US living trust?
A living trust is a common planning vehicle in the US that is typically used for administrative ease. It can work as an alternative to a will, because assets will pass on in line with the trust deed and without being subject to probate after...
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by Tracy Moede, AWC Hamburg, US Tax & Banking Co-Chair
A PFIC is a Passive Foreign Investment Company. It’s an investment fund or collective investment and it is taxed at a disadvantageous rate in the US. The PFIC problem is a confusing one and is a common US Expat mistake. Failure to address PFIC problems once they are identified...
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