FBAR & FATCA Information

FBAR & FATCA Information

New rules on financial reporting from the FACTA will affect U.S. expats. FBAR apply to all U.S. tax payers with a foreign account amounting over $10,000. If you’re an expat who hasn’t been filing returns and FBARs, this could affect you. Find out what the rules...
IRS increases de minimis safe harbor

IRS increases de minimis safe harbor

On November 24, 2015, the IRS issued notice 2015-82, increasing from $ 500 to $ 2,500 the amount which can be expensed for tangible property for taxpayers without audited financial statement – de minimis safe harbor. According to regulations, a taxpayer can...
Tax non-compliant, you might be ok!

Tax non-compliant, you might be ok!

This post is for those who have friends who might not be tax compliant. My goal is to put a little bit of perspective so that you know the instances in which your friend is ok. The IRS has programs such as the “Streamlined Foreign Offshore procedures” to remove any...