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Nonresident Tax Return: You May be Taxed by the IRS as a Non-Citizen Residing in the United States

Millions of Non-US Citizens travel to the United States annually. Some visitors stay only temporarily, while others visit for more extensive periods. If you are a Non-US Citizen staying in the United States for any considerable period of time, you may be required to file a US income tax return. There are dozen...

Does My FBAR Need to Include My Spouse’s Bank Account(s)?

American Citizens, Residents, and Green Card Holders with foreign financial accounts with an aggregate value of $10K or more are required to file the Form FinCEN 114 (FBAR) to report these accounts to the United States Department of Treasury. Whether or not you are required to inc...

Bitcoin Taxes – Frequently Asked Questions

Since its launch, Bitcoin has been hard to describe. Is it a currency? An investment? Some completely new? This made it difficult to figure out the tax laws for the cryptocurrency. This year though the IRS stepped in and gave an official ruling for the tax laws on bitcoins. To help you prepared for your tax return, here are the answers to the top...

Secret Swiss Bank Accounts for US Citizens – Not So Secret Any Longer

The secret Swiss bank account is the stuff of legend—or at least of TV shows, movies, and novels. A tiny landlocked country with few natural resources, Switzerland made a name for itself in the global banking industry, and one of its ...

What Happens When You Fight FBAR Penalties in a Court of Law?

We at TFX discuss FBAR and penalties for failure to file FBAR frequently, but it’s not too often that we take you beyond the initial assessment of penalties and into the minds of the Judge and jury members. For some who are familiar w...

Buying Foreign Real Estate

Moving abroad is a difficult and complicated process even apart from the issue of real estate. Purchasing real estate overseas has complicated implications on your expat taxes. Because US citizens’ worldwide transactions must be reported on expat tax forms, this art...