Hello. This is pratik from ustaxreturnsanditin.com. Today I am going to discuss three tax responsibilities of being a US citizen or green card holder.
The most important point is that even if you do not have any income, investments or properties in the US, you are required to file a US Tax return and declare your world income.If you don’t file, there could be severe penalties and even criminal charges.
A second important point is do you have investments in Canada or any foreign country valued over $10,000? If so, you are required to file FBAR for reporting these investments. This is a very important reporting requirement. If not filed, there can be significant penalties of up to $10,000 each year not filed. There could be criminal charges as well.
A third important point is if you are a shareholder of a foreign corporation, you are also subject to additional filing requirements. A completion of