Mel Whitney

US citizens and green card holders living abroad may need to file up to eight separate IRS and Treasury forms each year to report foreign assets held offshore, including accounts, entities, trusts, and gifts. Foreign asset reporting is separate from paying US tax, and most expats owe little or nothing federally but still have to file these disclo...

When it comes to tax returns, sometimes the best offense is a good defense. That&...

The FBAR maximum account value is the highest balance in each foreign financial account at any point during the calendar year – not the December 31 closing balance – converted to USD using the Treasury Reporting Rates of Exchange for December 31 of that year. This 2026 FBAR article will cover a step–by–step metho...

FATCA penalties for individuals usually mean Form 8938 penalties, not a separate penalty schedule for every foreign account. If you were required to file Form 8...

Form 1065 is the annual informational return a partnership files with the IRS to report its total income, deductions, gains, losses, and credits. Schedule K-1 (Form 1065) is the partner-level stateme...

TN visa holders – Canadian and Mexican professionals admitted under USMCA – owe US federal income tax on US-source wages from the first day of US work. Tax residency, determined under the 183-day Substantial Presence Test in IRC § 7701(b), dictates the return: Form 1040 for resident aliens reporting worldwide income, or Form 1040...