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 method. 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.
The IRS has not announced an end date. As of November 2026 the Streamlined Foreign Offshore Procedure is open. It is an administrative program, not a law, so the IRS can change or close it without notice. In July 2026 it withdrew, without announcement, the separate procedure for people who had...Only if you leave as a "covered expatriate". Renouncing citizenship, or abandoning a green card held in 8 of the last 15 years, is an expatriation for US tax purposes. The consulate or USCIS ends the status. Form 8854, filed with your final US return, settles the account with the IRS. Who is a...Your preparer may be excellent at US returns, US practice runs on W-2s, 1099s and K-1s, but European banks, funds, pensions and companies issue none of these, so the foreign side of a return is easy to miss. A return filed without a required Form 3520, 5471, 8621, 8858, 8865 or 8938 stays open...A W-9 from your European bank means it has identified you as a possible US person. Under FATCA, the 2010 US law on foreign accounts, banks must report their American customers' accounts every year. Under agreements with France, Italy and most European countries, the bank sends that report to its...Tax residency, not the payer's location, is the key determinant of where income is taxed. 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, including US-sourced pensions. However, for those...Yes, if you have children. The child tax credit is $2,200 per child for 2025 and 2026, and up to $1,700 of it per child is refundable as the additional child tax credit. Refundable means the IRS pays it to you even when you owe no US tax, which is the usual case for Americans in Europe whose...No. The FBAR reports what your foreign accounts held, not what they earned. The United States has no wealth tax, and nothing on the FBAR is added to your income. What the FBAR is The FBAR (FinCEN Form 114) is a report to the Treasury's Financial Crimes Enforcement Network, filed separately...Many of our clients are US citizens married to someone who is neither a US citizen nor a green card holder. The US taxes you on your worldwide income wherever you live, but it does not tax your spouse unless you choose to bring them in. If you file separately or as head of household, your spouse...
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