Tuesdays With Morey - Tax Tips®

Many expats are unaware of the IRS requirement of filling out a Foreign Bank Account Regulation form (FBAR) during tax time. Not understanding the requirement does not make a tax payer immune to the penalties, taxes and interests that commonly follow when the IRS figures out an expat did not file. Proper planning with an accountant who is up-to-date on current tax laws can be an expat’s best defense against large, unnecessary penalties. The savings can be used to purchase additional tax-deferred assets like real estate.      Key Takeaways: [1:11] How serious are the penalties if I fail to file the Foreign Bank Account Regulation (FBAR) document? [3:08] FACTA regulations are making it difficult for expatriates to open bank accounts in foreign countries. [6:20] Buying gold and silver will not make a taxpayer immune to paying the appropriate tax on the value. [7:27] It’s much less to pay $200 to file the FBAR compared to the $10,000 IRS penalty.  [11:12] Morey’s goal is to get everyone the information so tax pen