Do you live or work overseas? Are you wondering how or why this may affect your life or work in any way? Then this article is just for you!
Top Reasons You May Need a Tax Lawyer if You Live or Work Overseas
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If you’re having tax problems
Tag: international taxes
How to File an FBAR for Previous Tax Years
You have three major option for filing Foreign Bank Account Reports (FBARs) for previous tax years. The best option for you will depend on the specific facts of your case, such as: Whether you failed to report foreign income during the tax years in question. Whether your failure to file was willful or non-willful…. Read more »
What is the Threshold for FBAR Filing?
If you had a financial interest in or signature authority over foreign accounts exceeding $10,000, you need to file a Foreign Bank Account Report (FBAR). An unfiled FBAR can lead to a $10,000 penalty for non-willful violations and much higher penalties for willful violations.
How to Avoid Tax Problems When Moving Overseas
If you move overseas to retire or for other reasons, you’ll still need to stay on top of your U.S. tax obligations. That’s because the United States uses a citizenship-based taxation regime, unlike some other countries that tax income based on where it’s earned or where you live. Be aware of the following tax issues… Read more »
