Yes, as a US citizen or resident alien you need to report your worldwide income each year on your income tax return. There are a number of ways to reduce your US tax on the worldwide income like the foreign earned income exclusion and the foreign tax credit.

Disclosing foreign bank accounts and transactions is very important when filing your tax return. Special disclosures are needed when you have transactions with foreign trusts, or have a foreign bank account, or generate foreign income from a foreign investment.

Yes you might pay tax in both the US and your resident country. The foreign earned income exclusion, the foreign tax credit, and tax treaties can be used to reduce or even eliminate entirely the double taxation. Determining the best way to reduce your US tax is what we specialize in.

When setting up companies when doing business internationally it is critical to involve a professional from each country to find the best situation. The US tax rules are complex and some of our LLC rules and regulations don’t translate well in foreign countries, so it changes the equation when looking at what type of legal and tax entity to set up.

The FBAR is filed separately from your income tax return, but it is due at the same time each year as your Form 1040. If you reside in the US that’s April 15th, if you reside outside of the US that original due date is June 15th. In either case an extension for your personal return is also counted as an extension for your FBAR, which makes the new deadline October 15th.

FATCA is a bill that the government passed which creates additional layers of compliance challenges. FATCA includes a new Form 8938 filing with your personal tax return. The FATCA rules also imposes various withholding and disclosure requirements for financial institutions that have US Citizens as clients.