Mel Whitney

For the 2026 filing season, most J-1 nonresident aliens must file a nonresident tax return on Form 1040-NR if they have taxable US-source income. J-1 visa taxes are not optional if you have taxable US-source income. Even with no taxable income, many J-1 holders stil...

US citizens and green card holders living abroad may need to file up to eight separate IRS and Treasury forms each year to report foreign assets held offshore, including accounts, entities, trusts, and gifts. Foreign asset reporting is separate from paying US tax, and most expats owe little or nothing federally but still have to file these disclo...

When it comes to tax returns, sometimes the best offense is a good defense. That&...

The FBAR maximum account value is the highest balance in each foreign financial account at any point during the calendar year – not the December 31 closing balance – converted to USD using the Treasury Reporting Rates of Exchange for December 31 of that year. This 2026 FBAR article will cover a step–by–step metho...

FATCA penalties for individuals usually mean Form 8938 penalties, not a separate penalty schedule for every foreign account. If you were required to file Form 8...

Quick answer Form 3520 late filing penalties can be severe – up to 25% of an unreported foreign gift or bequest, or up to 35% of unreported foreign trust transactions. ...