Mel Whitney
Articles
How to determine the maximum account value for FBAR
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: what happens if you fail to report foreign assets?
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...
Form 3520 late filing penalty relief: abatement, reasonable cause, and what to do next
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. ...
Form 1065 and Schedule K-1: instructions, codes, due dates, and filing basics
Form 1065 is the annual informational return a partnership files with the IRS to report its total income, deductions, gains, losses, and credits. Schedule K-1 (Form 1065) is the partner-level stateme...
TN visa taxes: Complete guide for Canadian and Mexican professionals
TN visa holders – Canadian and Mexican professionals admitted under USMCA – owe US federal income tax on US-source wages from the first day of US work. Tax residency, determined under the 183-day Substantial Presence Test in IRC § 7701(b), dictates the return: Form 1040 for resident aliens reporting worldwide income, or Form 1040...
Foreign Housing Exclusion for US expats: Rules, limits, and how to claim
The foreign housing exclusion and deduction are available to qualifying US citizens and resident aliens with a foreign tax home and foreign earned income. US citizens can qualify under either the bona fide residence test or t...