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.
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,...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...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...American Citizens or Permanent Residents who declare earned income and have American Citizen children under 17, with social security numbers, are eligible to receive child tax credits with a maximum value of $2000 per qualifying child in 2025. The refundable part of the credit, ACTC, is worth up...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...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.
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