As an American expat, you may have heard about US tax compliance laws like FATCA but you may not know what impact these tax laws have on you as an American abroad and what compliance with them is required.

The potential implications of an inaccurate or late-filed FBAR are much worse than for an income tax return. The IRS reserves the right to impose a penalty of $10,000 for simply filing the FBAR late. We often find that clients forget to list 3rd pillar.