Top 16 U.S. Expat Tax Myths – Part 2

Creative tax advice from neighbors, friends, and store clerks is not limited to the U.S. For Americans living abroad, tax misinformation tends to thrive in online expat communities where incorrect advice is quick to be shared and hard to be corrected, particularly in the age of coronavirus.

Given the punitive nature of offshore income and asset reporting penalties, understanding what is wrong about these myths is crucial. This is Part 2. For Part 1, check here.

I don’t need to worry about penalties for late filing because I never owe any U.S. tax.

While most IRS penalties are calculated ...