Cross-Border Complexity
The U.S. is one of the few nations that taxes based on citizenship, not residency. Expatriates and international families face overlapping tax jurisdictions and severe penalties for non-disclosure.
FBAR and FATCA Compliance
Failure to report foreign bank accounts exceeding $10,000 (FBAR) can result in penalties up to 50% of the account balance per year. Total compliance is mandatory.