US Expat Tax: What You Need to Know When Living Abroad
May 31, 2023 ⚊ 1 Min read ⚊ Views 40 ⚊ BUSINESS
The Foreign Account Tax Compliance Act (FATCA) requires US citizens and residents to report their foreign financial accounts and assets to the IRS if the total value exceeds certain thresholds. Failure to comply with FATCA reporting requirements can result in hefty penalties and even criminal charges. Be sure to consult with a tax professional to determine if you’re subject to FATCA reporting requirements and how to comply with them.
Consider Working with a Tax Professional
Navigating the world of US expat taxes can be complex and overwhelming, especially if you’re not familiar with the tax code. Working with a tax professional who specializes in expat taxes can help ensure that you comply with all applicable tax laws and regulations, and can help you take advantage of any available tax breaks. A tax professional can also provide valuable guidance on how to structure your finances and investments to minimize your tax liability.
