Are you American living abroad? Heard any scary stories about the term FATCA?
Here are 5 things you need to know.
1. What is FATCA?
Foreign Account Tax Compliance Act. It’s about preventing Tax Evasion. All U.S. persons must pay tax on THEIR worldwide income. It’s a US law.
2. Who does FATCA affect?
All U.S. persons living abroad regardless where they live.
3. What’s this mean for me?
It means your bank needs to report your Financial Account information to the IRS even if you’ve been living abroad for a long time.
4. So, what do I have to do?
It’s time to do your taxes. First submit your income tax return. Then, submit an FBAR
5. What happens if I don’t?
You could face harsh penalties! Like fines up to $100,000! Or prison if you’re not careful.
So what should I do know
We’re here to help you.
We specialize in tax preparation for U.S. Expats.