Latest Update (Consulting Cross-Border Tax Specialist)

By: Pete
Date posted: 04.10.2012 (12:10 am) | Write a Comment  (0 Comments)

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After a few calls to the IRS, I did finally decide to go ahead and consult a tax specialist in cross border taxation. Why? Simply because I wanted to stop running around tring to find the solution. No, he will not be filing everything on my behalf but he will be able to give me better explanations and also tell me what is missing in my files.
I had assumed from the start that I would be able to get such answers directly from the IRS and while I’m sure that is possible, after calling several times, it has proven a big challenge to talk to people that had good knowledge of taxes for expats. There might be some number that I’m not aware of to speak about such issues but I honestly was lacking the time to keep trying.

What’s Next?

I expect to be able to conclude my 2010 and 2011 taxes and will now be moving to file my “Report of foreign bank and financial accounts”. What is this? It’s the other part that is mandatory for US citizens which requires us to report assets that we hold outside of the US. These are not filed to the IRS but rather to the Treasury. Why? I guess some of it might be related to simply knowing, being able to make sure that the US government is aware of all assets owned by US citizens, which makes it easier to make sure that fiscal laws are being respected.
I will of course keep you posted on my progress in both regards:)

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