You are an overseas American now confronted with tax and banking issues in the United States. Overwhelmed? Frustrated? Confused? You are not alone. Recently, a reported 9 million US Americans live overseas, and the majority have some sort of tax and banking issues.
The first question is usually "Where Do I Start?" which is quite easy...
You can claim the Child Tax Credit for each qualifying child who has a Social Security number.
To be a qualifying child for the 2021 tax year, your dependent...
Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114.
Who must file?
Any US person (citizens, resident aliens, trusts, estates and domestic entities) with an...
April 18, 2022
Note: Expat children with foreign financial accounts are also required to file FBARs
The purpose of these pages is to inform, share and explain US tax reporting needs as well as banking and legal constraints to US citizens abroad. This is NOT individualized, professional tax, legal or banking advice for your particular situation.
While we make every effort to keep the information here current and accurate, neither FAWCO, nor the authors accept...
Economic Impact Payments (EIP), also known as stimulus payments or recovery rebates, are payments to eligible taxpayers due to the COVID-19 pandemic. There have been two payments issued:
First EIP: eligible taxpayers that filed either 2018 or 2019 returns automatically received their checks of $1,200 per individual plus $500 for each qualifying child around April-June of...
The IRS and Treasury have issued all first and second Economic Impact Payments.
If you didn’t get any Economic Impact Payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020...
