Monthly Archives: October 2015

Do I need to report a superannuation fund on my FBAR?

While the FBAR rules require that all financial accounts be reported on an FBAR if the taxpayer has ownership of or interest in accounts with are over $10,000 in aggregate at any time during the tax year, it is slightly unclear whether the IRS considers a Superannuation to be a foreign financial account which needs to be reported.  However, at …

We all are aware of the fact that heavy penalties can be issued if we are late in filing taxes. However, it can be complicated.. If you are late in filing taxes, the IRS is authorized to issue penalties that work differently for every individual. There are numerous things taken into consideration while issuing penalties.

When are you penalized?

Most of the people live under the impression that tax penalties are paid at the …

The single most important thought that preoccupies the mind of a person who is nearing the end of his or her working life is how best to spend their retirement years. Most people dream of an idyllic location where they can constantly have the sun on their backs and wind blowing on their faces. That might mean relocation to another country. Apart from considering the political stability, safety and security of …

If you are self-employed, the rules are generally the same if you are living in the US or abroad.  That means that self employed persons need to pay Social Security tax and Medicare tax on the total earning for self-employment over $400.  For the current year, the maximum amount subject to social security taxes is $117,000.  There is no maximum amount for the Medicare portion.

If eligible, an expat taxpayer can …

Whether you are living in the US or abroad, efiling your tax return has many advantages.

The first advantage is a faster refund. If the return is efiled, then the IRS receives and processes the return automatically and therefore the refund is issued much faster.

The second advantage to efiling is payment options. If you are efiling, you can add payment options such as an automatic payment date which cannot …