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liability and a filing requirement in                        a new reporting mechanism by which
     2015.                                                       US taxpayers self-report to the IRS

                                                                financial assets held outside the United
    A filing requirement generally applies                       States.
    even if a taxpayer qualifies for tax
    benefits, such as the foreign earned                         More Information Available
    income exclusion or the foreign tax credit,                 Any U.S. taxpayer here or abroad with tax
    that substantially reduce or eliminate their                questions can refer to the International

    U.S. tax liability. These tax benefits are                   Taxpayers landing page and use the
    not automatic and are only available if an                  online IRS Tax Map and the International
    eligible taxpayer files a U.S. income tax                    Tax Topic Index to get answers. These
    return.                                                     online tools assemble or group IRS
                                                                forms, publications and web pages by
                                                                subject and provide users with a single

                                                                entry point to find tax information.

                                                                Taxpayers who are looking for return
                                                                preparers abroad should visit the
                                                                Directory of Federal Tax Return Preparers
                                                                with Credentials and Select

                                                                Qualifications.

                                                                To help avoid delays with tax refunds,
                                                                taxpayers living abroad should visit the
    Reporting Foreign Financial                                 Helpful Tips for Effectively Receiving a

    Assets on Form 8938                                         Tax Refund for Taxpayers Living Abroad
                                                                page
    Beginning with tax years starting after
    March 18, 2010, United States taxpayers                     More information on the tax rules that
    are required to report to the Internal                      apply to U.S. citizens and resident
    Revenue Service about financial assets
    held outside the United States. This                        aliens living abroad can be found in,
    reporting requirement is part of the                        Publication 54, Tax Guide for U.S.
    Foreign Account Tax Compliance Act                          Citizens and Resident Aliens Abroad,
    (FATCA), which was part of the larger                       available on IRS.gov.
    Hiring Incentives to Restore Employment

    Act (HIRE). FATCA consists of two parts:                    (This article is to provide the basic
    a new withholding regime designed to                        information only, please contact your
    encourage global financial institutions to                   Accountant or who does your IRS
    submit reports to the IRS regarding the                     return to full information applicable to
     international finances of US citizens, and
                                                                  you)
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