US Citizen living abroad - New IRS tax requirement

[Scubagary]

Hi All,

And thanks in advance for your help.

I am a US Citizen that lived in the UK for 6 years and now Malta for 2.5 years. My income is from consulting internationally and no money comes from US, UK or Maltese companies. My bank just informed me of this new IRS requirement meant to target US Citizens with offshore accounts with w-9 or 1099.

Does this effect me and what is my next best steps? I make 200k per year from mainly a Russian company that does direct debit, and not in amounts under 10k.

Thanks again in advance!

[King_Maker]

Unfortunately for US citizens, FATCA (Foreign Account Tax Compliance Act) has made it difficult to obtain/maintain offshore bank accounts - even where perfectly legal to do so.

Payment in US$ is probably best avoided.

[DavidTreitel]

As a US citizen you are probably already filing annual United States income tax returns, FBARs and other informational returns. FATCA does not change your personal obligations.