One of the most common problems we see in our practice is the plight of recent immigrants to the United States who are never told in citizenship class that the United States taxes its citizens and residents on their word-wide income and that they have to file FBAR’s and other forms to register their foreign accounts and assets with the US government. This is an issue immigrants cannot ignore. For many, it is a ticking time bomb which will go off once FATCA kicks
in next year and the year after and foreign banks start to reporting their American clients to the IRS.
Please take a look at my article, “Tax Justice For Recent Immigrants To USA- What They Don’t Teach In Citizenship Class: FBARS’s And Foreign Assets”, that was published today on TaxIndiaInternational.com.