How The IRS Makes Millions Off Americans Abroad

Ready to make sure your situation is handled correctly? 👉 Schedule a consultation: https://onlinetaxman.com/go/wtkg If you want to read more about IRS penalties Americans abroad face, check out the blog here: https://onlinetaxman.com/go/dzs4 — Most Americans living abroad think the biggest tax risk they face is getting audited. They're wrong. The bigger risk — the one that hits people every single day — is the penalty machine the IRS has built specifically around expat filing obligations. An American living in Ohio who misses a form usually gets a warning. An American living in Lisbon who misses the equivalent form can get a $10,000 penalty per form, per year. And most people have no idea it's coming until the letter arrives. In this video, I walk through why the IRS treats expats differently than domestic taxpayers, the 3 specific penalties that generate the most revenue, how to make sure none of them ever come after you, and — for people who've already received a notice — the procedural defenses most CPAs don't know about. If you're a US citizen living abroad with foreign bank accounts, foreign businesses, or foreign trusts, this is the penalty exposure map you need to see before it becomes a problem. Topics covered: ✔ Why expat penalties are automatic (and more profitable for the IRS than audits) ✔ FBAR ($10,000 per account per year non-willful penalty) ✔ Form 8938 statement of specified foreign financial assets ✔ Form 5471 ($10,000 for late filing of foreign corporation) ✔ Form 5472 ($25,000 for foreign-owned single-member LLC) ✔ Form 3520 (25% of foreign gift or inheritance value) ✔ Form 3520-A (foreign trust penalty) ✔ Streamlined Foreign Offshore Procedures explained ✔ Real client case: German expat, potential $240K penalty reduced to zero ✔ The Loper Bright Supreme Court decision and FBAR defense ✔ How to fight back on international information return penalties Already received a penalty notice? Or think you might be behind on filings? The link at the top will get you on a call with our team. The earlier you address it, the more options you have. ⏱ TIMESTAMPS 0:00 Why expat penalties hit harder than audits 1:15 Why the IRS treats expats differently 2:30 Trap 1: The FBAR ($10K per account per year) 3:15 Trap 2: Form 8938 (specified foreign financial assets) 3:52 Trap 3: Late filing penalties (5471, 5472, 3520, 3520-A) 5:00 How to prevent all three 5:45 The Streamlined Disclosure Program explained 6:40 If you've already been penalized — how to fight back 7:20 The Loper Bright ruling and FBAR defense 8:15 How to get out of information return penalty 9:30 What to do next — About Online Taxman: We've spent 15+ years helping US expats and international entrepreneurs manage their US tax obligations from anywhere in the world. Over 25,000 returns filed. Clients in 182 countries. Connect with us: 🌐 https://onlinetaxman.com/ 📸 Instagram:   / onlinetaxman   💼 LinkedIn:   / online-taxman   #FBAR #Form8938 #Form5471 #Form3520 #ExpatTax #USExpat #IRSPenalties #StreamlinedDisclosure #AmericansAbroad #InternationalTax