10 Quick Facts about FBAR for Americans abroad

10 Quick Facts about FBAR for Americans abroad

Many U.S. expats forget or get confused about FBAR requirement. But it’s important to understand that failure to file the FBAR will lead to penalties and attention of the IRS. We have gathered 10 important facts, which you need to know about FBAR reporting. Our...
Why is it important to file your tax returns?

Why is it important to file your tax returns?

Taxes can be intimidating not only for newbies but also for pros. It is crucial to understand why you need to file your tax returns and stay compliant. If you don’t know where to start, then take a look at this infographic. We explain why it is essential to fill...
How to legally save money on income tax

How to legally save money on income tax

As we know, the rules for filing income, estate, and gift tax returns and paying estimated tax for US citizens or resident aliens are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of...

Are TFSAs Trusts Under US Tax Law?

This week’s question is a follow-up from last week’s blog post but comes from Loretta from Quebec, Canada. The question is: So, are TFSAs considered trusts for US tax purposes? If so, what are the implications of that? Is it a trust? Again, here is the regulation...

Are RESPs Trusts Under US Tax Law?

This week’s question comes from Amy from Canada. “I have heard that Canadian RESPs (Registered Education Savings Plans) may be considered trusts for US tax purposes. Is that true? If so, what are the implications of that?” Is RESP a Trust? Here is the...