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US taxpayers must file Form 8938 with their US tax returns if they hold foreign financial assets with an aggregate value exceeding a relevant balance threshold. This article discusses the 2026 Form 8938 threshold limits. 2026 Form 8938 Threshold: Form 8938 Background Form 8938 burst into the US international compliance scene in 2011 as a result of the […]
The Foreign Earned Income Exclusion (“FEIE”) is a valuable tax strategy available to US tax residents who live and work abroad. It allows US citizens to exclude a certain amount of foreign earned income from their US taxable income. The IRS adjusts the precise amount every year. In this article, I will discuss the 2026 Foreign Earned Income Exclusion. […]
On November 13, 2025, the IRS announced that the First Quarter 2026 IRS interest rates on overpayment and underpayment of tax will not change from the Fourth Quarter of 2025. This means that, the First Quarter 2026 IRS interest rates will be as follows: How the IRS Calculated First Quarter 2026 IRS Interest Rates The […]
On August 25, 2025, the IRS announced that the Fourth Quarter 2025 IRS interest rates on overpayment and underpayment of tax will remain the same as in the Fourth Quarter of 2025. This means that, the Fourth Quarter 2025 IRS interest rates will be as follows: seven (7) percent for overpayments (seven (7) percent in the case […]
Every submission under the Streamlined Domestic Offshore Procedures (SDOP) may be subject to an IRS audit, including the submissions made in 2025. In this article, I will explain what is the 2025 SDOP Audi and what a taxpayer should expect during the Audit. 2025 SDOP Audit: Background Information on Streamlined Domestic Offshore Procedures Streamlined Domestic Offshore Procedures […]