Accountancy Saint-Paul

I want to move abroad. What do I need to know?

For US citizens living abroad, tax residency is the key determinant of where income is taxed, not...

How much longer will streamlined foreign offshore procedures be available?

The Streamlined Foreign Offshore Procedure offers a limited-time opportunity to resolve past non...

What if I receive form W-9?

W-9 is the form banks use to collect US citizen client's social security numbers in order to...

Can I receive a tax refund even if I haven't paid US tax?

Yes, for the reasons below. The federal governement issued COVID stimulus payments in 2020 and...

Will I be taxed on the values reported on the FBAR?

The account values reported on the FBAR are not taxable income. The United States does not have a...

What if I have a foreign spouse?

It many cases it can actually be helpful to have a so-called "Non-Resident Alien" Spouse. The...

Accountancy Saint Paul
United States Tax and FATCA Compliance
Questions & Answers
The Internal Revenue Code is complicated and the answers below are written to be general enough to set basic expectations in common situations, but they reflect careful application of the law by proper choice of form and mothod. We describe the result not the process. If you believe you are subject to exceptional circumstances and/or want to learn more about the details and how they could apply to you, send us a message or contact your tax advisor.
I want to move abroad. What do I need to know?
For US citizens living abroad, tax residency is the key determinant of where income is taxed, not the income's source or the payer's location. While Americans are always subject to US tax regulations on their worldwide income, their country of residence also has the right to tax that same income,...
How much longer will streamlined foreign offshore procedures be available?
The Streamlined Foreign Offshore Procedure offers a limited-time opportunity to resolve past non-compliance for U.S. taxpayers living abroad. By filing three years of tax returns and six years of FBARs, qualified individuals can avoid substantial failure-to-file penalties, which can easily reach...
What if I receive form W-9?
W-9 is the form banks use to collect US citizen client's social security numbers in order to satisfy their FATCA reporting requirement. If you are current on your US tax and FATCA obligations and want to keep your account open, there is no reason not to return the completed w-9. If you are...
Can I receive a tax refund even if I haven't paid US tax?
Yes, for the reasons below. The federal governement issued COVID stimulus payments in 2020 and 2021 which all American citizens and Permenent Residents were entilted to. If you didn't receive these payments they can be recovered by filing a 2020 and 2021 tax return. The deadline to recover...
Will I be taxed on the values reported on the FBAR?
The account values reported on the FBAR are not taxable income. The United States does not have a wealth tax. Only the interest, dividend or investment income from foreign accounts is taxable, and generally escapes US tax by the application of a credit for the foreign taxes paid on the same...
What if I have a foreign spouse?
It many cases it can actually be helpful to have a so-called "Non-Resident Alien" Spouse. The primary advantage is that the spouse's income is neither reported nor taxable in the United States.

All Categories - Accountancy Saint-Paul

I want to move abroad. What do I need to know?

How much longer will streamlined foreign offshore procedures be available?

What if I receive form W-9?

Can I receive a tax refund even if I haven't paid US tax?

Will I be taxed on the values reported on the FBAR?

What if I have a foreign spouse?

Accountancy Saint Paul

United States Tax and FATCA Compliance

Questions & Answers

I want to move abroad. What do I need to know?

How much longer will streamlined foreign offshore procedures be available?

What if I receive form W-9?

Can I receive a tax refund even if I haven't paid US tax?

Will I be taxed on the values reported on the FBAR?

What if I have a foreign spouse?