Expat FAQ
The complicated becoming simple
Circular 230 Notice: As a CPA firm we are required to follow IRS Circular 230 when providing tax advice. That Circular requires us to tell you that you can’t rely on this information to avoid penalties. For us to confirm any of these answers, please contact us at (503)295-1988 or send an email to info@rayjordan.com.
Frequently Asked Questions
When do you need to file a US Form 1040 return?
If you are a resident of another country on April 15th, you have an automatic extension until June 15th.
What is an FBAR?
An FBAR is a report to the US Treasury, not the IRS, on Form 90-22.1. It is required if at any moment during a year you had signature authority or a financial interest in a foreign financial account. It is required to be filed by June 30th each year. Starting in 2012, the IRS will require additional filings with your Form 1040.
If you pay taxes in the foreign country, do you have to pay taxes in the US?
Yes, well at least you have to file a return. Whether taxes are due depends on a lot of factors.
Do I qualify for an exclusion for my income?
If you are a resident of a foreign country for a period including one full calendar year or if you are physical present in a foreign country for 330 days out of a year, you can qualify.
Do I also qualify for a housing allowance?
Maybe, we have to know the city, country and how much you are spending for housing.
How much will it cost for your help?
It depends, but give us a copy of your prior year expat return, and we’ll tell you in advance how much it will cost to prepare your return.
If you have other questions or would like to schedule a meeting to discuss your situation, feel free to contact us directly at (503)295-1988 or send an email to info@rayjordan.com.