Mel Whitney
Articles
IRS Form 8938: What it is, who needs to file, and why you shouldn't ignore it
2026 filing season update: Filing your 2025 tax return? Form 8938 requirements remain unchanged for the 2025 tax year. If your specified foreign financial assets exceeded the applicable thresholds at any point in 2...
FBAR filing requirements and deadlines in 2026
Whether you live in the US or abroad, if you hold an account in a foreign bank — whether savings, pension, or investment — you may be required to comply with FBAR (Report of Foreign Bank and Financial Accounts) filing requirements. Many Americans are unaware that simply having a foreign bank account can trigger FBAR obligations. ...
IRS Form 14654 instructions for SDOP filing: How to certify non-willfulness under the domestic streamlined procedures
In 2014, the IRS changed the course of offshore compliance by launching the Streamlined Domestic Offshore Procedures – a relief path for US residents who had unknowingly failed to report foreign income and accounts. It offered a lifeline to those who made honest errors rather than deliberate omissions, replacing fear of massive penalties wi...
FBAR quiet disclosure 2026: Risks, IRS penalties, and why Streamlined FBAR disclosure is better
Many Americans living abroad discover that several foreign bank accounts should have been reported on FinCEN Form 114, with FBARs for the 2025 calendar year due April 15, 2026, and automatically extended to October 15, 2026, and decide to quietly file the missing forms without using an IRS compliance program – a step commonly referred to as...
FBAR fines explained: Failure to file, violations, and penalty mitigation options
The penalty for failing to report your foreign bank accounts in 2026 could cost more than the accounts themselves. Willful FBAR violation penalties reach up to the greater of $165,353 or 50% of the account balance. FinCEN's latest inflation adjustment and tighter enforcement, along with new court rulings, have made FBAR compliance r...
Form 1040-NR: A comprehensive guide for nonresident aliens
If you're earning income in the US but aren't a tax resident, you'll need to deal with Form 1040-NR. The form can feel like a maze of regulations and unfamiliar terms, but understanding it is necessary for staying compliant. This guide breaks down how Form 1040-NR works, so you can handle your tax obligations accurately and ...