Hello Anthony, we're here today to talk about international tax issues. They can be solved. What we say is, it's so easy to fall into trouble with international tax issues. They're also called offshore foreign tax issues. And we find that when our clients reach out to us for the first time, they often say the same sorts of things. They are overwhelmed with conflicting information and they're not sure where to start. You know, why do people end up getting so confused about these issues? Well, the first thing is we have new laws, new complicated laws like FATCA. We have confusing forms that have actually been around for a while, like the FBAR. And there's a whole host of IRS forms that come into play when you have international assets and reporting. And you have to understand what needs to be reported and some things need to be paid taxes on. Things you wouldn't necessarily think of like foreign life insurance, foreign pensions, partnerships, corporations, trusts, and inheritances. Mutual funds usually have to be reported and there might be some tax implications to it as well. Also, tax treaties can completely change the game. Every tax treaty the US has with another country is different than any other tax treaty, and it can have a huge impact. For instance, something tax-free in the UK might not be tax-free in Australia. Oh wow, now another confusing thing is that the IRS keeps referencing foreign accounts, but they may not feel foreign to you. They're from your country. Understanding that if you're a US citizen living overseas, you are still subject to the tax code. And if you're a non-US citizen living in the US, again, you're still subject to the tax code. Because of this confusion, I think the stakes are...
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Video instructions and help with filling out and completing Fill Form 3520 Historical
