Cracking The Code On FBAR Penalties: IRS Collection Hurdles Explained

The Financial Crimes Enforcement Network, FinCEN Form 114, Report of Foreign Bank and Financial Accounts, is a crucial yet frequently misunderstood requirement for U.S. persons with foreign financial accounts. The FBAR may be familiar to many Americans living abroad, but it remains largely unknown to many U.S.-based individuals who might still have an obligation to … Continue reading Cracking The Code On FBAR Penalties: IRS Collection Hurdles Explained →

IRS Tax Records, Foreign Assets: When (And What) To Keep Or Toss

Many people face the dilemma of what to do with old tax returns and supporting paperwork, often wondering when it’s safe to discard them. However, determining the right time can be tricky, especially for taxpayers with foreign assets. Those with overseas financial interests must pay particular attention for several reasons, including expanded statutes of limitation … Continue reading IRS Tax Records, Foreign Assets: When (And What) To Keep Or Toss →

Need an FBAR Escape Hatch?

The Report of Foreign Bank and Financial Accounts (FinCEN Form 114) commonly called the FBAR is a crucial reporting requirement for US persons (citizens, green card holders and those meeting the substantial presence test) with foreign financial accounts. With the deadline for the 2023 FBAR set for October 15, my Forbes article provides information to … Continue reading Need an FBAR Escape Hatch? →

11th Circuit Holds FBAR Penalties Are Subject to the Excessive Fines Clause: A Significant Taxpayer Weapon

A recent decision from the 11th Circuit in United States v. Isac Schwarzbaum brings a major development in FBAR (Foreign Bank Account Reporting) penalties and their relationship with the Eighth Amendment's Excessive Fines Clause. The court's holding that FBAR penalties are subject to this constitutional protection under the Excessive Fines Clause is significant, offering taxpayers … Continue reading 11th Circuit Holds FBAR Penalties Are Subject to the Excessive Fines Clause: A Significant Taxpayer Weapon →

Offshore Investments, U.S. Tax Traps: What Every American Must Know

Navigating the labyrinth of overseas investments can be particularly challenging for American investors. The landscape is often littered with enticing sales pitches from expat investment advisors who, more often than not, lack a deep understanding of U.S. tax laws. While it’s true that investments in certain offshore jurisdictions might not incur local taxes, significant and … Continue reading Offshore Investments, U.S. Tax Traps: What Every American Must Know →

3 Ways To Safeguard Finances Of The Vulnerable, Yet Navigate U.S. Tax

My article copied below, first appeared on Forbes July 2, 2024 – link here. Scams have become increasingly more convincing, posing significant financial risk to vulnerable individuals, especially the elderly. Financial security arrangements should be implemented, but when global financial assets or multi-nationals are involved, the U.S. tax issues can get complicated and require extra diligence. … Continue reading 3 Ways To Safeguard Finances Of The Vulnerable, Yet Navigate U.S. Tax →

U.S. Tax – Think Carefully Before You Get (Or Keep) A Green Card

My article copied below, first appeared on Forbes June 19, 2024 – link here. It explains the important U.S. tax rules to know before getting (or keeping) a green card. Unfortunately, the U.S. government never explains these rules as part of the green card application process! In all my years of tax practice, I have … Continue reading U.S. Tax – Think Carefully Before You Get (Or Keep) A Green Card →

U.S. Tax: 4 Tips For Americans Receiving A Foreign Inheritance

My article copied below, first appeared on Forbes June 3, 2024 – link here. Follow me on Forbes - it's free and your gateway for easy to understand US international tax coverage. I’ve got 40 years of tax experience and am very careful with my blog posts to ensure accurate information is being provided. Just … Continue reading U.S. Tax: 4 Tips For Americans Receiving A Foreign Inheritance →

Foreign Spouse? Vexing U.S. Tax Issues For The American Half

My article copied below, first appeared on Forbes May 20, 2024 – link here. Follow me on Forbes - it's free and your gateway for easy to understand US international tax coverage. I’ve got 40 years of tax experience and am very careful with my blog posts to ensure accurate information is being provided. Just … Continue reading Foreign Spouse? Vexing U.S. Tax Issues For The American Half →

Death Of The American Abroad: Untangling U.S. Tax Across Borders

Many of my readers know I am now a contributor writing on Forbes. My coverage area is US international tax law for overseas Americans and foreigners. My article is copied below. It first appeared on Forbes April 22, 2024 here. In our global society, more and more Americans are living and working overseas. This inevitably … Continue reading Death Of The American Abroad: Untangling U.S. Tax Across Borders →