FBAR & FATCA Enforcement Is Increasing Global banking transparency continues expanding. In 2026, IRS enforcement efforts focus heavily on foreign account reporting. Many expats mistakenly believe that paying foreign taxes removes reporting obligations. It does not. What Is FBAR? If your foreign financial accounts exceed $10,000 at any time during the year, you must file…
Why Foreign Account Reporting Is a Major Focus in 2026 IRS enforcement surrounding foreign accounts continues to increase in 2026. With expanded international data sharing and automated compliance systems, discrepancies are easier than ever to detect. If you are a U.S. citizen living abroad, foreign account reporting is not optional. Even if no tax is…
If you’re a U.S. expat with foreign bank accounts totaling more than $10,000 at any point during the year, the Foreign Bank Account Report (FBAR) is a requirement you can’t afford to ignore. The extended deadline to file for most is October 15, making this month the final opportunity to stay compliant and avoid harsh…
If you earn income abroad or hold foreign accounts, currency fluctuations can have a big impact on your U.S. tax return. Even if your salary stays the same in euros, pounds, or yen, the value in U.S. dollars can change month to month—and that can affect how much tax you owe. How Exchange Rates Affect…
It is important for all United States citizens living and working abroad to understand the American Citizens Abroad’s Same Country Exemption. This will have an important effect on expats and specifically on Expatriate Tax Returns. The National Taxpayer Advocate has recently come out in full support of regulatory changes to both FBAR (Foreign Bank Account…
Call Us (561) 715-0630