Quietly and with no fanfare, a bill was signed into law by the President on July 31 that comes in direct answer to proposals made for several years by FAWCO and its partner organizations, as well as the National Taxpayer Advocate. Beginning in 2016, taxpayers (including overseas filers) will file FinCEN Form 114 at the same time, and subject to...
US Tax & Banking Articles
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As almost everyone knows today, most US citizens and green card holders are required to file an annual tax return on their worldwide income, whether or not any tax is owed (see page 7 of the 1040 Instruction booklet for the minimum filing thresholds). No one likes paying taxes but the law is the law (until it is changed!), and...
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As a non-partisan organization representing the interests of all overseas Americans, FAWCO supports all efforts to eliminate or alleviate the damaging effects of FATCA. Since the very early days of FATCA, FAWCO has supported the “safe harbor” concept, which would eliminate the accounts held by overseas taxpayers in the country where they are fiscally domiciled from FATCA reporting. FAWCO's concern...
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US expats are often concerned about the dreaded dual-taxation when filing US taxes. But thankfully, the US has put into place several deductions and exclusions to help reduce that possibility. So we have outlined the top 3 ways to save on your US expat taxes!
1. The Foreign Earned Income Exclusion (FEIE)
This is the most common way US expats...
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On April 13, National Taxpayer Advocate Nina Olson issued recommendations fully in line with those of the AARO-FAWCO position paper in March 2015 with respect to financial account reporting and the “same country exception” that we have advocated for several years.
Specifically, Ms Olson recommends that:
· filing of FATCA Form 8938 not be required of taxpayers who have timely filed FinCEN...
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In her Annual Report to Congress for 2014, National Taxpayer Advocate Nina Olson addresses certain issues (her "Most Serious Problems") and makes certain Legislative Recommendations specifically related to overseas taxpayers.
We need actively to support her recommendations that seek to alleviate both the loss of access to IRS service abroad and the excessive burden of our mandatory filing of a...
