Category: Offshore Accounts

BREAKING! Ex-U.S. Crypto Mogul Indicted: The High Cost of Botched Expatriation

In a stark reminder of the complexities and pitfalls of renouncing U.S. citizenship, a federal grand jury in the Western District of Texas recently indicted Justin Ryan Schmidt on multiple tax-related charges.  Mr. Schmidt, a Cayman Islands national, is a former U.S. citizen and cryptocurrency hedge fund manager. He became a naturalized British citizen in … Continue reading BREAKING! Ex-U.S. Crypto Mogul Indicted: The High Cost of Botched Expatriation →

IRS Under Bisignano: Is More Aggressive Offshore Enforcement Coming?

Right before the U.S. tax filing season officially opened on January 26, the Internal Revenue Service announced significant leadership changes that have drawn cautious scrutiny from tax professionals. Practitioners with the high-net-worth clients and those who assist Americans living abroad are paying close attention. While IRS leadership transitions regularly occur, the timing and substance of … Continue reading IRS Under Bisignano: Is More Aggressive Offshore Enforcement Coming? →

IRS Drops Form 708: 40% Tax, Gifts & Bequests, “Covered Expatriates”

The Internal Revenue Service has released the final version of Form 708, titled “United States Return of Tax for Gifts and Bequests Received from Covered Expatriates,” (revision dated December 2025) along with detailed draft instructions (revision dated December 2025).  As of today’s publication, the accompanying instructions remain in draft form available only as a draft … Continue reading IRS Drops Form 708: 40% Tax, Gifts & Bequests, “Covered Expatriates” →

Unregistered U.S. Citizenship: Hidden Risks For American Born Abroad

Each year, thousands of children are born overseas to one U.S. citizen parent and one non-U.S. parent. Under U.S. immigration law, many of these children are U.S. citizens from birth, provided the American parent satisfies a relatively simple test: at least five years of physical presence in the United States, with two of those years … Continue reading Unregistered U.S. Citizenship: Hidden Risks For American Born Abroad →

Born Abroad, American by Law: Should You Register Your Child?

Many children born overseas to a U.S. parent are U.S. citizens from birth. This is so even if the parents never registered the birth at a U.S. Consulate or Embassy, or applied for a U.S. passport for the child. Some parents view this as a way to keep the child outside the U.S. tax system, … Continue reading Born Abroad, American by Law: Should You Register Your Child? →

A Complicated U.S. Tax Life: Foreign Spouses And Community Property

When love crosses borders, tax complexity often follows. I know this from first-hand experience having married a Swiss national almost 4 decades ago.  When U.S. citizens marry foreign nationals who are not U.S. tax residents a host of U.S. tax rules can upend marital bliss by causing tax compliance complexities that are often difficult to … Continue reading A Complicated U.S. Tax Life: Foreign Spouses And Community Property →

Exciting Update: Revamped US Tax Primer for Expats & Global Citizens + Must-Watch YouTube Interviews!

Hello subscribers, global go-getters, expats, and anyone navigating the maze of US taxes abroad! I've got some exciting updates that'll make your financial life smoother and your dreams of living overseas a whole lot less taxing. First, I just rolled out a complete refresh of my flagship US Tax Primer for American Expatriates Worldwide and … Continue reading Exciting Update: Revamped US Tax Primer for Expats & Global Citizens + Must-Watch YouTube Interviews! →

Former IRS Leaders Endorse Residency-Based Tax For Americans Abroad

Nearly a year ago, in the waning days of the 118th Congress, Representative Darin LaHood (R-IL) introduced a groundbreaking piece of legislation that sent ripples through the expatriate community and the international tax world: the Residence-Based Taxation for Americans Abroad Act (H.R. 10468). As I detailed in my earlier Forbes article, this bill represented a bold step … Continue reading Former IRS Leaders Endorse Residency-Based Tax For Americans Abroad →

WEBINAR – Back By Popular Demand FBAR, FBAR, FBAR!

Learn all about FBAR and expand services to your clients with confidence.  Maybe even land Pope Leo XIV as a new client since his Holiness probably has to file FinCEN Form 114 for the Vatican Bank's accounts.  Understand your own compliance risks and what to do if you are not compliant.  This is the FBAR … Continue reading WEBINAR – Back By Popular Demand FBAR, FBAR, FBAR! →