Foreign Income and Investments
If you are a US Citizen or a Resident Alien living abroad you likely need to report your income s to the IRS and in some cases to a state if your income exceeds minimum amounts. Yes, the IRS taxes worldwide income. The IRS is required to notify the State Department of taxpayers certified as owing a seriously delinquent tax debt. The State Department is generally prohibited from issuing or renewing a passport to a taxpayer with seriously delinquent tax debt. If you currently have a valid passport, the State Department may revoke your passport or limit your ability to travel.
In addition to reporting income you may also need to report to report your foreign assets. Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS generally using Form 8938, Statement of Specified Foreign Financial Assets. The aggregate value of these assets must exceed $50,000 to be reportable, in general, but in some cases, the threshold may be higher.
A United States person that has a financial interest in or signature authority over foreign financial accounts must also file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year
You may contact me if you are uncertain of your reporting requirements.