The US is one of the few countries in the world that requires taxation based not only on residency but also citizenship. As a result, all American passport and green card holders have filing obligations – which leads to significant confusion. PwC and AmCham therefore partnered to educate US citizens, green card holders and financial institution representatives on US tax reporting obligations required by the Internal Revenue Service (IRS).
US tax expert Kevin Curran, of PwC Washington, helped to decipher the complex web of tax reporting requirements. A former employee of the IRS, Curran guided attendees through a maze of forms and regulations, including the US Foreign Account Tax Compliance Act (FATCA) and Report of Foreign Bank and Financial Accounts (FBAR), and outlined several options to ensure tax reporting compliance. Following the presentation, guests had the opportunity to ask further questions and schedule private meetings to discuss their respective tax reporting needs. With an estimated 30,000 American passport holders living in Norway, this is an issue that will continue to grow in importance.