Archive for the ‘FBAR’ Category
It looks like the IRS isn’t happy with the level of compliance with US citizens who go overseas to work. They’ve offered a special deal to certain overseas taxpayers that would allow them to escape penalties if they file their back tax returns. This also applies to Reports of Foreign Bank and Financial Accounts. The returns that are safe-harbored in are those where tax due is $1,500 or less and it requires you file three years of tax returns and six years of Reports of Foreign Bank and Financial Accounts.