U.S. Taxpayers Living in California and Elsewhere Must Comply With the Tax Code’s Foreign Account Reporting Requirements
Currently, about seven million United States citizens live overseas. Since the nation’s tax laws apply to taxpayers regardless of where their income was earned, Americans who live abroad are still required to submit annual tax returns to the Internal Revenue Service. Although the tax code presently provides for an exclusion of the first $100,800 of an expat’s offshore income, this exclusion is not automatic. Instead, it must be claimed on an individual’s federal income tax return.
For a U.S. taxpayer who lives abroad to be entitled to the income exclusion, the individual... Read More