PictureFor most expats, filing 3 years is enough
Find The IRS Before They Find You.  This is the last US tax filing season for American expats to become current with the IRS before new laws come into play that will reveal your identity, location and foreign accounts to the US government. 

Now is the last best chance for Americans living abroad to become current with your US tax filing. With new US FATCA laws (Foreign Account Tax Compliance Act) coming online, your local foreign bank will now be required to disclose your personal details to the US government. As if this was not enough ...

Americans Living Abroad
Lane Anderson - It’s a common scene from an American household: Kristy Williams is plying her young son, Thomas, with Oreos and marshmallows to finish his studies. The difference is that Thomas is working with a tutor learning Mandarin Chinese, and the Williamses are living in Hangzhou, China, two hours from Shanghai.Kristy and Joel Williams moved their four children from Houston to China a month ago after Joel’s employer, Bray, a valves manufacturer, announced that they were looking for someone to work in their Hangzhou offices. Joel texted Kristy from work and said, “Would you want to move to China?” Kristy chuckled at first, but after thinking about it for a bit she thought, “Yeah, why not?”

us income tax preparation

The IRS has declared filing three years back taxes is adequate for most US expat tax filers who are delinquent and there shall be no penalties for late FBARs (Foreign Bank Account Reports) from those who were unaware of the requirement to file.

This brings a clarity and welcome relief to many American expatriates who in the past may have been reluctant to file US income taxes because there was no assurance that they would not be further harassed (or assessed exorbitant penalties and fees) because they simply didn’t know – or they didn’t trust the potential outcome if they did attempt to come forward and become compliant with US tax laws ...

Robert W. Wood -  U.S. citizens abroad face an array of tax compliance dilemmas for themselves and their families. Americans must report their worldwide income regardless of whether they are paying local taxes where they live. They also must report their non-U.S. bank accounts on FBARs (now FinCEN Form 114) and file the FATCA Form 8938.

Unfortunately, many U.S. citizens living abroad are not compliant with the requirements for U.S. tax returns, FBARs, and Forms 8938. FATCA is not the only problem, but it has certainly made the situation worse. It is causing many expats to lose their banking relationships, home loans, and more. Sadly, it is causing some to give up U.S. citizenship.

Suddenly, some expats are waking up in a cold sweat. They have always had to file tax returns and disclose foreign accounts on a form called the FBAR, although in practice many didn't. But now Fatca means they have to be more rigorous or face huge fines, in the knowledge that the US authorities could know a lot more than they have in the past.

Many would say the IRS is only trying to get what it is owed, but critics say that in trying to track down the wealthy tax-dodgers, ordinary people are being dragged into an expensive and time-consuming form-filling nightmare. And for some, it's become too much.

Greg Dewald
Greg Dewald, CEO
By Rebecca Appleton

Following in the trailblazing footsteps of some of America's most innovating and exciting new businesses, entrepreneur Greg Dewald and his team of financial whizzes will see their cloud based start-up Bright!Tax  reach thrilling new heights this year after being chosen to receive seed capital from one of United States’ most progressive and hands-on venture funds.

After slugging it out with more than 80 candidates, Bright!Tax blasted through tough competition  to secure $50,000 in equity investment from UpTech II along with office space, professional support services and applied research assistance from Northern Kentucky University. 

Picked as one of the best and brightest businesses, Bright!Tax's stellar team of uber-talented CPAs and MBAs form the go-to, cloud-based, US income tax preparation firm that is becoming the most sought after by the almost 7 million Americans who are living abroad ...

" ... What this means to Americans living overseas is that gone are the days of living off the grid. If you’re not up to date with your required US tax filing and FATCA and FBAR reporting, very soon you will most probably be receiving greetings from the United States and the IRS ... "

Bright!Tax awarded Venture Funding
Bright!Tax, an innovative cloud-based tax accounting firm, is thrilled to announce it has won significant equity investment from a prestigious business accelerator.

Bright!Tax specializes in providing income tax preparation for Americans living abroad—almost seven million potential clients. In its first year in business it has attracted clients from more than 50 countries. 

In winning the equity investment—up to $50,000 from Northern Kentucky business accelerator UpTech—Bright!Tax beat out more than 80 other candidates ...

For Americans, Swiss haven no longer
By Julia Werdigier

LONDON — A tax deal made by Switzerland and the United States this past week effectively puts an end to the status of the small Alpine country as a tax haven for wealthy Americans.

The watershed agreement, which came after more than three years of intense discussions between the two countries, is expected to punish Swiss banks that helped wealthy Americans hide money from US tax authorities in offshore accounts and to require them to disclose information about US account holders.

Greg Dewald, CEO
by Sean Peters, SoapBoxMedia

Bright!Tax helps Americans living abroad with the often dubious task of preparing taxes outside of the country. Using an online cloud system, the company operates in a simple and nearly paperless manner that makes tax season less irritable for expatriates.

A semi-finalist to be part of UpTech's annual workshop, the New York based company—headed by Greg Dewald—seeks help from Northern Kentucky's business accelerator to further serve its international clientele.