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Are you considered a US citizen or resident?
And when you say that you did not make enough to owe taxes, and did not need to file, could you explain that?
There is an exemption for expats working abroad. Was $83K or so, now up to $90k or so according to the sites I checked today. So we would not have had to pay taxes. Just file.
Yes, but you would still need to file. This is the foreign earned income exclusion
If you earned less than the exclusion and don't owe tax, then it's not going to be a big deal. You will just file your return
my real concern is the FBAR. we did not know about his until this email broadcast today. My average account has varied as we use it for our whole family savings. So it has ranged from $7K (not reportable) to briefly at a max of $30K a couple years.
reporting threshold is $10 apparently
Yes, I know. And you will need to file these, as filing late is better than not filing at all
I would hire an international tax accountant and have them get you caught up
They will probably do quiet compliance, where you simply file and say nothing until the IRS inquires further
I had read that quiet compliance has resulted in serious issues. while full disclosure seems equally harsh. I am guessing there is no certain way to ameliorate this?
also not sure if the US has full access to Japan's banking records or not. They are not currently listed. But could be in the future.
No, there's no magic bullet. That's why I would hire a professional. It would be worth the cost.
Are you aware of any case examples?
I do not have any case citations to share, no
Ok. Thanks. Do you recommend any provider who can assist? The web is full of adds but cannot tell which ones are competent. GIven the bad advice we had from the one here in Japan, I am worried to find one randomly.
I would look for a firm that specializes in international tax. We are prohibited from giving direct referrals.
Ok. Thank you.
However, I would focus on Los Angeles or New York and find a firm that specializes in international tax
Look in LA or New York, though
Thank you I will.
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