With today’s ability to work from anywhere, understanding and staying on top of the reporting and ongoing US filing requirements can be difficult. And for employees working outside of their typical Home location, not only understanding these requirements but also being diligent in adhering to them is especially important. For US citizens, permanent residents working outside of the US, and nationals of other countries who become tax residents of the US, there is a specific annual filing requirement related to non-US financial accounts held.
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Navigating the complex landscape of US tax regulations can be daunting, especially for individuals who may have inadvertently found themselves delinquent in their tax filings. Many Americans living abroad, including "accidental Americans"—those who hold US citizenship by birth but have never lived or worked in the US—are often unaware of their obligation to file US tax returns. And this lack of awareness can lead to unfiled returns and substantial penalties.
Navigating US Tax Reporting for Foreign Assets
on June 12, 2025
| By Alina Hagness
|
Global Mobility,
Mobility Tax,
FBAR,
Foreign Financial Investments,
Streamlined Compliance
Whether you're a US citizen or green card holder living abroad—or supporting employees who are—the US tax system presents unique challenges. Unlike most countries, the United States taxes individuals based on citizenship rather than residency. As a result, US citizens and green card holders must file annual US income tax returns and report worldwide income and gains, no matter where they live or work.
