Aya A. Takriti, Enrolled Agent
Tax Manager | US Tax Specialist in U.A.E
✔ IRS qualified Enrolled Agent (EA)
✔ Degree in International Accounting
✔ Registered US Tax Agent in U.A.E
Services:
✔ US Tax Compliance
✔ Filing an FBAR
✔ Reporting FATCA
✔ Renouncing US Citizenship
I need help with...
Meet Aya…
I have joined Expat US Tax as a Tax Manager in our Dubai office.
I hold a degree in International Accounting and I am fluent in Arabic and English. I have completed my internship in Financial Services with KPMG in Germany.
I focus to provide great customer service and I have passion for helping Arab-American dual nationals understand complexities of the US tax system.
Understanding the Foreign Bank Account Report
The Foreign Bank Account Report (FBAR) is a mandatory filing requirement for U.S. citizens and residents who hold financial accounts outside the United States. This requirement is enforced by the Financial Crimes Enforcement Network (FinCEN) to improve financial transparency and combat tax evasion.
Who Needs to File an FBAR?
- U.S. citizens, Green Card holders, and residents with foreign financial accounts.
- Individuals with foreign account balances exceeding $10,000 at any time during the calendar year.
- Applies to joint accounts and accounts where the filer has signature authority, even if they do not own the funds.
Key Filing Deadlines & Requirements
- Deadline: April 15 (automatic extension to October 15).
- Form: FinCEN Form 114, submitted electronically via the BSA E-Filing System.
- Reporting Only: No tax is owed on account balances, but income earned from foreign accounts must be reported on the U.S. tax return.
Failure to file an FBAR can result in severe penalties, including fines and legal consequences. It is essential for U.S. taxpayers with overseas accounts to comply with FBAR requirements to avoid costly penalties.
Tax Filing for US Expats in UAE:
- US citizens/green card holders must report worldwide income, even if living in the UAE.
- Income thresholds (2025): 14,500(single),29,000 (married jointly), $7 (married separately).
FATCA Compliance:
- Foreign banks must report US citizens’ accounts to the IRS.
- File Form 8938 if foreign assets exceed $250,000 (2025 threshold).
- FBAR and Form 8938 may both be required.
ITIN (Individual Taxpayer Identification Number):
- For those ineligible for a Social Security Number (SSN).
- Used for tax filing; must be renewed before expiration.
We are an official acceptance agent for processing ITINs.
Request your ITIN here:
https://www.expatustax.com/irs-itin/
UAE Corporate Tax:
- 9% corporate tax remains in effect.
- 0% tax on income up to AED 375,000.
- Free zones retain tax incentives.
Foreign Tax Credit (FTC) vs. Foreign Earned Income Exclusion (FEIE):
- FEIE excludes up to ~$130,000 of foreign income (2025).
- FTC credits foreign taxes paid to avoid double taxation.
- FTC can be carried forward for 10 years.
Owning a Foreign Corporation:
- US persons owning 25%+ of a foreign corporation must file Form 5471.
- Ownership >50% triggers controlled foreign corporation rules.
Why partner with a specialist Expat accountant?
Living outside of the US can make your tax filing requirements complicated. To ensure you pay the minimum amount of taxes, it’s critical to work with an accountant who understands every aspect and avenue for reducing your tax liability. Expat US Tax provides dedicated accountants who help expats optimize their tax situation by navigating complex tax regulations and optimize your tax situation.