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I Am Australian Citizen With Us Residency (1995). I Have A PSS Superannuation From My Time With Australian Govt. I Resigned From There Nov,...
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

I am sorry but they are correct. read more here - http://gemms.us/fbar http://gemms.us/fbar-vs-8938 and here - https://www.taxconnections.com/taxQuestions/Treasury-FBAR-TD-F-90-221-and-IRS-form-8938-filing-...   Read More
My Wife Is A Chinese Citizen.. Has Never Been To USA .. We Plan On Applying For A Visa.. Can I Still File A Joint Return If She Fills...
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

Technically, yes all you have to do is file the Form W-7 with your tax return.  However, you must also attach proof of citizenship and relationship (passport, visa, marriage license, etc.)  And these forms MUST...   Read More
0 0 form w-7
If We Do Not Purchase Obamacare What Amount Will Be Be Taxed If Our Family Total Income Is $175,000?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

The penalty will be the greater of a flat fee amount (for each individual...   Read More
If I Worked For A Foreign Company In A Foreign Country, Do I Still Need To Pay Tax In US Since I Need To Pay Tax In The Foreign Country?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

If you are a US Citizen or Resident then you must report your worldwide income and pay taxes on any that is not subject to an exclusion. If you meet certain tests you may exclude up to $95,100 in earned income...   Read More
As A New Income Earning Taxpayer, When Should I Consider Hiring An Accountant?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

That's like asking if you need car or health insurance. You could wait until you need it and hope a CPA can bail you out of trouble. Or you invest in your future right away and develop a relationship with a...   Read More
If I Want To Work In Oversea For 6 Months, How Would The FACA Affect Me?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

I think you mean "FATCA" (http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-(FATCA)) A 6 month overseas assignment would have very little US tax effect - maybe just foreign tax...   Read More
Recently, My Spouse Had Temporary Funds That Were Parked In A Foreign Bank Account For Only A Day Or Two. My Spouse Did Not Earn A Single...
User Photo Virginia La Torre Jeker, J.D.
Tax Professional Level: Tax Enthusiast

If you are in the OVDI, the penalty is a fixed penalty and cannot be negotiated with the agent. The penalty base includes all unreported foreign accounts and the fact that interest may not have been earned on the...   Read More
I Live In Burlington, Ontario Canada. I Am A US Citizen And Have Not Filed US Returns In Years. What Is The Procedure Here As I Heard...
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

You may fit into the Streamlined Procedure which requires only 3 years of returns and 6 years of FBARs. There is information on the IRS site with a checklist to determine if you are a low risk applicant. Otherwise...   Read More
I Earn Rental Income From My Condo In Florida. Do I Have To File A US Tax Return?
User Photo Larry Stolberg, CPA, CA
Tax Professional Level: Tax Enthusiast

Gross rental income is generally subject to a 30% withholding tax unless a waiver form is provided to the payor or agency managing the property. With the waiver form in place, you have effectively told the IRS that...   Read More

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