The FBAR filing requirement isn’t new, but expats often overlook it. Recent international enforcement efforts have raised awareness of the requirement. Don’t worry, though — your FBAR is only an informational document. No additional tax will be added. However, penalties can be...
If you’ve received Form 1099, you may have noticed a checkbox labeled “FATCA filing requirement.” What does this mean? And what should you do if the FATCA filing requirement box is checked? Should you add a check if it isn’t? Don’t panic! Here’s what you need to know. What ...
This form is separate from the FBAR (FinCEN Form 114) requirement. Reporting thresholds vary based on filing status and residency: Filing StatusU.S. ResidentsLiving Abroad Single $50,000 $200,000 Married $100,000 $400,000 Assets that must be reported include foreign bank accounts, securities,...
Some expats try to fix their delinquent tax forms through a “quiet disclosures” approach. This means filing delinquent taxes without directly informing the IRS that you were delinquent—a requirement of using the Streamlined Filing Compliance Procedures. We strongly recommend against this. If the IR...
The entire form is reproduced here; indicating how foreign taxpayer information was optional and generally there was no requirement to obtain a U.S. taxpayer identification number. It was governed exclusively by Chapter 3 and the regulations that had been ...
Relax the requirement that a retirement fund only receive contributions from the employer or employee. Add as new categories of "exempt beneficial owner:" (i) a plan-sponsored fund that would meet the requirements of Code Section 401(a), other than the requirement that the plan be funded ...
The suspension of the Form 8621 filing requirement applies only to PFIC shareholders that are not otherwise required to file Form 8621 under the current Form 8621 instructions. PFIC shareholders with current Form 8621 reporting obligations must continue to file the current Form 8621. ...
If you are subject to FATCA reporting and associated with a foreign bank, the bank will ensure you stay compliant to avoid penalties and other actions. Banks generally take a few steps to inform customers about this requirement. FATCA Letter from Bank ...
Also, there is no transfer of funds. However, some banks may require new account, new account number and transfer as per their internal procedures but it is not a requirement. That being said, I don’t think having a resident or NRO account should affect your compliance requirement. Thanks...
The most important requirement is to self-certify that your failure to file was due to ignorance, not because of any willful refusal. But don’t wait too long! If the IRS contacts you about your failure to file before you start the Streamlined Filing Compliance process, you may lose the ...