IRS Launches International Data Exchange

WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment.  Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to […]

IRS Announces Significant Changes to Streamlined Program

IR-2014-73, June 18, 2014 WASHINGTON — The Internal Revenue Service announced today major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. […]

E Filing of FBARs Required

Effective 7/1/2013, all FBARs (Report of Foreign Bank and Financial Account) must be filed electronically. The US Department of Treasury will no longer accept paper filings of FBARs (now Form 114).    

Obama Care & Expatriates

Are U.S. citizens living abroad subject to the individual shared responsibility provision? Yes. However, U.S. citizens who live abroad for a calendar year (or at least 330 days within a 12-month period) are treated as having minimum essential coverage for the year (or period). These are individuals who qualify for an exclusion from income under […]