Filing obligation of a 6 year old 1

Somebody recently asked me if a 6 year old US citizen, living abroad, who receives minimal unearned income on his bank account was required to file US tax returns, here is my response – feel free to as your own question in the comment section below:   General rule: As a general rule, US persons ...

U.S. Foreign Account Tax Compliance Act in Full Swing

The Foreign Account Tax Compliance Act (also known as FATCA), was enacted in 2010 by the U.S. Congress to target non-compliance by U.S. taxpayers using foreign accounts. It requires foreign financial institutions (FFIs) to report to the Internal Revenue Service (IRS) information about financial accounts held by U.S. taxpayers worth more than US$50,000, or by ...