IRS points to better understanding of “non-willful non-compliance”

In remarks before the U.S. Council for International Business-OECD International Tax Conference on June 3, IRS Commissioner John Koskinen recognized that the “voluntary disclosure” programs designed to punish tax fraud may have been “too focused on those willfully evading their tax obligations (and) not accommodating enough to others who don’t necessarily need protection from criminal prosecution because their compliance failures...

Does Your Bank Love You? (new "fillable" PDF survey form)

FAWCO's partner organization AARO (Association of Americans Resident Overseas) is launching a survey of the overseas Americans community concerning the “denial of financial services” to US citizens and greencard holders.

There is no need today to describe the precarious situation in which many “US tax persons” find themselves because financial services are being denied both in the United States (though “Patriot...

Voting from Overseas News for 2014

What you need to know (and do) about voting from overseas in 2014

Tax & Banking Disclaimer

Disclaimer

The purpose of these pages is to inform, share and explain US reporting needs and 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 personal liability for...

Social Security

IRS: Social SecurityTax Consequences of Working Abroad

What if Someone Dies Owning an Undeclared Financial Account? What Should Heirs Do?

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Foreign Retirement Accounts & IGAs

Unfortunately the US continues to tax many savings vehicles used by foreign retirement accounts disadvantageously (PFIC rules). We are working on raising awareness of this unfair practice in Washington. In some of the recently negotiated Intergovernmental Agreements, like in Switzerland, many foreign retirement programs are exempted from FATCA reporting. In some, but not all, countries some form of similar treatment...