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Three Common FBAR Errors made by Expats and U.S. Taxpayers
The FBAR filing deadline is quickly approaching. As the calendar has already turned to June, taxpayers living in the United States and abroad have only weeks to satisfy their potential FBAR filing obligations. The deadline to file a Report of Foreign Bank Accounts is...Are Expatriates and Others Living Abroad Entitled to an Automatic Extension if they Haven’t Filed their Taxes?
There are an array of reasons why taxpayers fail to file their taxes by the April tax deadline. In some cases, the failure to file comes down to simple forgetfulness. In other cases, procrastination may contribute to the individual’s failure to file their taxes...Should I be Worried if I Receive a Letter from the IRS?
Filing taxes is a duty that all U.S. citizens, permanent residents, expats, and other qualifying taxpayers must satisfy. While it is certainly not a duty that any individual looks forward to engaging in, it is essential that taxpayers handle their taxes promptly and...What are the Top 3 2016 Tax Deadlines & Tips for U.S. Expat Taxes?
It can be rather difficult for U.S. expat taxpayers to remain informed and aware of the numerous tax obligations they have to satisfy. Expats are not present in the United States and therefore miss the barrage of tax reminders that precede every tax day. However, even...FBAR Changes Could Significantly Increase Regulatory Burden on Individuals, Financial Institutions
Report of Foreign Bank Accounts (FBAR) is a foreign asset disclosure obligation that has existed since the 1970s. However, while the rule was only sporadically enforced in its early days, today enforcement is strict and rigorous. U.S. taxpayers, including expatriates,...