What is FATCA and how does it affect taxes of US expats living in Australia. This post covers Form 8938 Filing Thresholds Values, the Physical Presence Test, How to Figure the 12-month Period for the Physical Presence Test and the Bona Fide Residence Test.
All US expats living abroad need to know what an FBAR is and if they are required to file one. Chances are, if you have any financial accounts overseas like a bank account, you will have to file an FBAR depending on the maximum value of your accounts during the year. Here’s what you need to know.