Cross posted from RenounceUSCitizenship.
There are many firsts in life. These include graduations, weddings, and more.
Anecdotal evidence suggests that few U.S. citizens living outside the U.S. had ever heard of Mr. FBAR (until the mainstream media began educating people). One can’t file, what one has never heard of. That was until recently. Since the fall of 2011, the mainstream media has been educating U.S. citizens about U.S. tax compliance.
Tax and FBAR compliance is a priority for most U.S. citizens living outside the United States. The IRS has still NOT released the “compliance guidelines” that were promised when OVDI was reactivated in January of 2012. This is a major problem. By not coming forward with the promised guidelines, the IRS has become an obstacle to tax compliance. We are well into tax season. In any case, …
One of your most important firsts will be your first FBAR. You spent lots of time preparing for your other “firsts”. This “first” should be no different. Part of your preparation should be how to file those FBARs. Continue reading