This Episode provide an extensive overview of U.S. tax compliance requirements for individuals with international ties, including citizens, residents, and non-residents, with a strong focus on expatriate and immigrant tax issues. Multiple sources emphasize the critical need to report foreign financial accounts through the Foreign Bank Account Report (FBAR), or FinCEN Form 114, and potentially FATCA Form 8938, detailing severe penalties for non-willful and willful non-compliance. A significant topic covered is how the Substantial Presence Test determines U.S. tax residency, and the role of IRS Form 8840 in claiming a "closer connection exception" to avoid resident alien taxation. Furthermore, the texts from the IRS and various tax service provider ...