FATCA Reporting Requirements – Rules For Americans And Non-Americans

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Globalization has made the World much more connected. It’s much easier for people to move around and build new lives in different countries. Unfortunately, this freedom has given people more options to cheat on their taxes as well. To fight tax fraud, the IRS in the United States launched a new program to track money around the World. This program has created new reporting requirements for … [Read more...]

Calculating Your Tax Bill in Japan – A Guide for Expats

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Calculating how much you owe in taxes is challenging enough when you’re living at home. When you’re living abroad in Japan, it can feel pretty well impossible. The good news is that Japan uses a similar tax process as most Western countries. We’ve put together a straightforward guide that should help you figure out approximately how much you’ll owe in Japanese taxes as a resident of … [Read more...]

How To Protect Your Credit Score While Living Abroad In Japan

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When you’re living in Japan, you still need to protect your credit score back home. If you lose or damage your credit history while in Japan, it’s going to create problems when you go back. For example, you might struggle to qualify for a mortgage or car loan. Fortunately, it only takes a little bit of work to maintain your credit score while abroad. Keep your old credit cards active A big … [Read more...]

Japan Year-End Tax Adjustments

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Japan Year-End Tax Adjustments Foreigners living and working in Japan who are accustomed to filing their income taxes might be surprised to learn that not every other country makes you do so. If you’re an employee working and living in Japan, you might be considered a resident, or “inhabitant,” for tax purposes, which means you may qualify for a streamlined procedure that takes you off the … [Read more...]

Potential 50% Penalty for Non-Tax Filers

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Recently on June 18, 2014 the IRS announced major modifications to its offshore voluntary compliance programs. These modifications were made to influence taxpayers to declare their overseas assets and to become compliant with current offshore regulations. These procedures are available to taxpayers residing in and outside the United States (penalties differ). Changes were made to both the … [Read more...]

Japan introduces Statement of Overseas Assets

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A new reporting requirement has been introduced for Japanese individuals with overseas assets valued above JPY 50 million at the end of a calendar year. These more stringent disclosure requirements reflect a more aggressive approach by Japan’s National Tax Authority (NTA) to ensuring that all overseas assets are correctly reported for the purposes of establishing overseas income for income tax … [Read more...]