News

From CNBC – Kate Dore MAR 6 2023

After a year of soaring prices, the IRS made annual inflation adjustments for dozens of tax provisions, including the federal income tax brackets for 2023, which may affect next year’s taxes, experts say.

While the rates didn’t change, the brackets show the federal income taxes you’ll owe on each portion of your taxable income, which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.

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Yahoo Finance – Nicole Spector… February 22, 2023

Millions of Americans work overseas, and these folks may be surprised (or merely woebegone) to learn that no matter where their income is generated, they still need to file U.S. tax returns. The only way to be exempt from filing a U.S. tax return is to abandon green card holder status by filing Form I-407 with the U.S. Citizen & Immigration Service or renounce U.S. citizenship under certain circumstances described in the expatriation tax provisions.

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The Bank Secrecy Act (BSA) and its implementing regulations require U. S. persons with certain financial interests in foreign accounts to file
an annual report known as an “FBAR”—the Report of Foreign Bank and Financial Accounts. The statute imposes a maximum $10,000
penalty for nonwillful violations of the law. These reports are designed to help the government trace funds that may be used for illicit purposes
and identify unreported income that may be subject to taxation. Petitioner Alexandru Bittner—a dual citizen of Romania and the United
States—learned of his BSA reporting obligations after he returned to the United States from Romania in 2011, and he subsequently submitted the required annual reports covering five years (2007 through 2011).

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