Latest posts
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Streamlined Catch Up Late Filing: A Complete Guide for Expats
If you live abroad and have fallen behind with your U.S. tax returns, the IRS Streamlined Procedures may give you a practical way to catch up. The Streamlined Filing Compliance Procedures help qualifying taxpayers correct previous U.S. tax and foreign account reporting failures when those failures resulted from non-willful conduct. For Americans living overseas, the…
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FBAR Filing and FBAR Penalties: What U.S. Expats Need to Know
For Americans living abroad, foreign bank accounts often come with an extra U.S. reporting requirement: the FBAR. If your accounts cross the filing threshold, you may need to report them even when you owe no U.S. income tax. Missing that requirement can lead to FBAR penalties, although the consequences vary considerably depending on the circumstances.…
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FEIE vs. Foreign Tax Credit: What’s the Difference for U.S. Expats?
Americans living abroad have two powerful tools available to reduce U.S. tax on their foreign income: the Foreign Earned Income Exclusion and the Foreign Tax Credit. The Foreign Earned Income Exclusion (FEIE) lets qualifying expats remove a limited amount of foreign earned income from U.S. federal income tax. The Foreign Tax Credit (FTC), by contrast,…