Faqs

Qualified Housing Expenses include rent, utilities (other than telephone charges), real and personal property insurance, nonrefundable fees paid to obtain a lease, rental of furniture and [...]

Yes. Even though you have never been contacted by the IRS, you may still be required to file a U.S. tax return. We strongly recommend that you become compliant as soon as possible. For more [...]

You are required to file an FBAR if the aggregate value of your foreign accounts exceeds $10,000 at any time during the year. To determine the aggregate value of your foreign accounts, you must [...]

Yes, failing to properly file a complete and correct FBAR can result in a penalty. You may be subject to a civil penalty of up to $10,000 per nonwillful violation that is not due to reasonable [...]

An IRA is an account set up at a financial institution that allows an individual to save money for retirement. Unlike 401(k)’s, which are set up by employers for their employees, IRAs are [...]

The mailing address you should use depends on where you live, the form you’re filing and whether you’re sending a return with or without a payment. For up-to-date information, check [...]

Generally, the filing due date for FinCEN Form 114 (“FBAR”) is October 15.  

The main purpose of Form W-8BEN is for individuals to certify that they are not a U.S. citizen (or other U.S. person, such as a resident alien individual). Therefore, Form W-8BEN should be used [...]

Under FATCA, foreign financial institutions (i.e. banks, etc.) are required to report information about their clients that are U.S. taxpayers to the U.S. Internal Revenue Service (IRS). Banks may [...]

The Foreign Account Tax Compliance Act (FATCA) was enacted by the U.S. Congress in 2010. FATCA aims to target non-compliance by U.S. taxpayers using foreign (bank) accounts. Under FATCA, foreign [...]