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Who Has to File the FBAR?

Filing a Report of Foreign Bank and Financial Accounts (FBAR) is mandatory for some Americans. Noncompliance can lead to lofty financial penalties and other consequences, so you should learn whether or not you need to file an FBAR. If you own a foreign bank account...

Reporting Foreign Inheritance with Form 3520

After receiving a foreign inheritance, you may not even consider your IRS reporting requirements. However, depending on the value of your inheritance, you may be required to report it to the IRS using Form 3520. American citizens and resident aliens who receive a...

How to Change Tax Residency When Moving Overseas

Moving overseas is exciting but also presents challenges – tax-related challenges. To make tax season easier as a U.S. expat, it’s important that you change your tax residency status. But how can you do that? In order to change your tax residency status,...

Do Foreign Citizens Living in the US Pay Inheritance Tax?

As a foreign citizen living in the U.S., it’s important to understand your tax liability in various scenarios. For example, suppose you just received an inheritance. Does that mean you must pay federal or state taxes as a resident alien living in the United...

Top Audit Risks for US Expats

As an American citizen living abroad, you’re already at a higher risk of getting audited by the IRS. It benefits expats to learn why that is and how to lower their risk of being audited. Simply living abroad and being responsible for completing certain tax forms...
6 Common Taxpayer Mistakes