For American expats:
- US taxpayers holding foreign financial assets with an aggregate value exceeding US$50,000 must report information about these assets on Form 8938 on their annual return. Reporting applies for taxable years beginning after March 18, 2010. Failure to report results in a penalty of $10,000, running up to $50,000 for continued failure after notification by the US Internal Revenue Service (IRS).
- The foreign earned income exclusion remains set at $95,100 for 2012.
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