With all the publicity that the FBAR gets with its massive penalties and its unextendable deadline, let’s not lose sight of the FATCA rules and Form 8938 which is due with your individual income tax return....
It’s FBAR season, all the cool kids know that, but for some foreign taxpayers they are also experiencing a strange sensation called FIRPTA. Of course FIRPTA stands for something; it’s the Foreign Investment in Real Property Tax Act of 1980....