Becoming Compliant with FBAR (And Why You Should)

In recent years, the IRS has been taking a closer look at Form TD F 90-22.1, otherwise known as FBAR. The filing requirements for FBAR are confusing, but it is important to meet those requirements in order to help avoid an audit. Here are some of the guidelines you should follow when you are filling out your annual report of foreign financial accounts. Who FBAR applies to All U.S. persons - … [Read more...]

Obtaining a Copy of your Federal Tax Return

There are many occasions when you need a copy of your filed tax return, for example, when applying for a loan, or taking out a mortgage on a property. If the IRS make any inquiries you will also need this information to hand. If you cannot find the return in question, you can ask the IRS to send you a copy (or transcript) of the relevant information. Here’s how it works - 1) Transcripts … [Read more...]

A Warning to All Americans Living Abroad

There has been a new law enacted by the IRS that is putting a heavy burden on American’s living abroad. If you are an American living abroad, whether you are a citizen or a green card holder, you are to file your tax form on April 15, 2012. This new IRS ruling results from a FATCA law that also require you to use Form 8938,  where you will list down all your foreign stocks, … [Read more...]