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Can Streamlined Disclosure Really Eliminate Offshore and FBAR Penalties?
Since at least 2010, taxpayers living in the United States and in foreign nations have heard one steady message regarding foreign bank and financial accounts: disclose or face penalties and potential prosecution. Unfortunately, not all taxpayers have received this...Expats in Canada and Dual Citizens: Your Information May Have been Directly Transmitted to the IRS
Many American expatriates living in Canada are keenly aware of their obligation to file a Report of Foreign Bank Account (FBAR) and Foreign Account Tax Compliance Act (FATCA). However, some expats can lose sight of this obligation. Other taxpayers may be less aware of...U.S. Expat Tax Alert: IRS Private Debt Collectors to Begin Collection Attempts
U.S. expatriates living in foreign nations generally understand that their lack of physical presence does not excuse them from U.S. tax filing and payment obligations. In fact, absent certain provisions found in tax treaties, expats would face a more significant tax...Is it Possible to File a Joint FBAR?
Taxpayers are generally aware that certain tax obligations can be filed jointly. That is, a married couple can file a single tax return that satisfies each taxpayers’ obligation to file and pay taxes. However, a joint tax return is most commonly discussed in the...Can Canadians be Accidental Americans? Do they Need to Pay U.S. Taxes?
At least some Canadians may be aware that the United States’ method of taxation is unique among all other developed nations. That is, U.S. individuals are generally taxed on the basis of their citizenship rather than on the basis of an economic nexus. Therefore,...