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Cross-Border Tax & Filings
If you hold accounts or property in Taiwan or anywhere else abroad, US reporting rules may apply to you even in years when no extra tax is due.
Many families we work with keep one foot in two financial systems. A savings account left open in Taipei. A policy with cash value a parent bought decades ago. A brokerage account from before the move. An apartment inherited from grandparents. None of it feels like a US tax matter, and much produces little or no US tax. Reporting is a separate question. US persons, including citizens, green card holders and many visa holders who meet the substantial presence test, may have to report foreign financial accounts and certain foreign assets each year, even when the accounts earn nothing.
This service is the planning and coordination layer around those filings. We inventory what you hold on both sides of the Pacific, explain which reporting duties may apply, flag the accounts and products that tend to create complications, and work alongside a cross-border CPA who prepares and files. We do not prepare or file returns ourselves. Our job is to make sure nothing is missed, that the strategy behind the filings fits the rest of your financial plan, and that you can explain your situation clearly. This page is general education, not advice about your particular situation.
What this covers
- An inventory of foreign accounts and assets: bank and brokerage accounts, cash value policies, pensions, inherited property
- How FBAR and FATCA reporting differ, and why both can apply to the same account in the same year
- Signature authority over a parent's or an employer's account, which can create a duty without ownership
- Gifts and inheritances from family abroad, often reportable even when they are not taxable to you
- PFIC exposure from foreign mutual funds and some insurance products, explained before you decide what to keep
- Foreign tax credits and treaty questions when the same income is taxed in two countries
- Catching up on unfiled years through the established IRS compliance procedures, with realistic expectations
- Coordination with a cross-border CPA who files, and with an attorney when the history calls for one
How we work together
- 01
Inventory
We list every account, policy and property you hold outside the US, who owns it, who can direct it, and when it was opened or inherited. Much of this stage is simply establishing what exists, including the accounts nobody has thought about in years.
- 02
Reporting review
We map each item to the reporting duties that may apply and note where rules and thresholds shift year to year. Anything needing specialist attention, such as a foreign fund or a family trust, is flagged early.
- 03
Plan and coordinate
You receive a written summary of your cross-border picture and a list of what goes to your CPA. If you do not have one, we can introduce a cross-border CPA. Where past years are missing, we talk through the options before anything is filed.
- 04
Keep it current
Accounts get closed, parents make gifts, property is sold. We revisit the inventory each year so the reporting stays accurate and your broader [tax strategy](/services/tax-strategy-planning) reflects both sides of the Pacific.
Why work with an independent advisor
We earn no commissions and sell no insurance or investment products, which matters here more than almost anywhere. Foreign policies and pooled funds are often sold to families precisely because nobody explains the US reporting and tax consequences that follow. Being independent means we can tell you plainly when something you already own has become a problem, and coordinate with your CPA and your attorney rather than compete with them.
Frequently asked questions
Who actually has to file these reports?
In general terms, US persons with foreign financial accounts or certain foreign assets. That includes citizens and green card holders, and often people on work visas who meet the substantial presence test. Ownership is not the only trigger, since signature authority over someone else's account can also create a duty. Reporting thresholds exist and they change, so the current rules are worth confirming each year with your CPA.
What is the difference between FBAR and FATCA?
They are two separate duties, and both can apply in the same year to the same account. The FBAR is a report of foreign financial accounts filed with FinCEN rather than attached to your tax return. FATCA reporting, usually on Form 8938, covers a broader set of foreign financial assets and is filed with your return. Different definitions, different thresholds, different forms.
My parents in Taiwan sent me money. Is it taxable?
A gift or an inheritance from a person abroad is generally not taxable income to you, which is usually a pleasant surprise. Larger ones can still be reportable on an information return, and that duty is separate from whether any tax is owed. The practical risk is the missed form rather than the tax. If you expect to inherit property abroad, it is worth reviewing your own estate and trust planning at the same time.
I hold mutual funds and an insurance policy in Taiwan. Is that a problem?
It can be. Foreign mutual funds, pooled investment products and some insurance policies with an investment component may be treated as PFICs under US rules, which brings unfavorable tax treatment and reporting of its own. Not every product qualifies and the analysis depends on the specific holding. We look at what you own, explain the exposure in plain language, and help you decide whether keeping it still makes sense.
I already pay tax in Taiwan. Am I taxed twice?
Often not twice in full. US persons are generally taxed on worldwide income, but foreign tax credits and, in some situations, treaty provisions are designed to relieve double taxation. Which relief applies depends on the type of income and where it arises, and the mechanics matter more than most people expect. We identify the questions and work them through with your CPA rather than guessing at the answer.
I have not filed these reports for years. What are my options?
You are not the first, and it is fixable more often than people fear. The IRS maintains established procedures for coming into compliance, including options aimed at taxpayers whose failure to file was not willful. Eligibility depends on your facts and nobody can promise an outcome. To be clear about our role, we do not prepare or file returns. We plan the strategy, then coordinate with a cross-border CPA who files and, where the history is complicated, an attorney.
Related services
- Proactive Tax StrategyProactive, year-round tax planning so vesting, exercises and bonuses never surprise you in April.
- Holistic Financial PlanningOne integrated plan that connects your cash flow, equity, taxes, insurance and family goals, on both sides of the Pacific.
- Estate & Trust PlanningProtect your legacy and provide for future generations, alongside the attorney who drafts your documents.
Ready to turn your uncertainty into certainties?
Start with a complimentary 15-minute strategy session. We will look at your portfolio, your tax picture and your goals, and tell you plainly what we would do next.