my experience: ignored this for years then had my european bank threaten to close my accounts if i didn't provide US tax forms (due to FATCA). trust me, waiting makes it worse! the penalties for willful non-compliance are scary ($100k+), but if you genuinely didn't know (non-willful), the streamlined procedures exist exactly for people like us. the key is filing before they find you! oh and important tip: some european banks are now refusing service to US citizens because of the reporting hassle. might be worth not mentioning your US citizenship to any new banks if possible 🤫

I'm in a very similar situation - US citizen through my mother, born and raised in Canada, just found out about FBAR requirements last month. The panic is real! After doing a lot of research and speaking with a tax professional, here's what I learned that might help you: 1. Yes, you absolutely need to file FBAR - it's based on citizenship, not birthplace or residency. At €45,000, you're well over the $10,000 threshold. 2. The Streamlined Foreign Offshore Procedures are your friend here. You can catch up on 3 years of tax returns and 6 years of FBARs without penalties if you can certify your non-compliance was non-willful (which sounds like your case). 3. You'll likely need to get a US Social Security Number first if you don't have one - you can apply at a US consulate in Amsterdam. 4. Don't wait! The longer you put it off, the harder it becomes to argue it was non-willful. Plus, with FATCA agreements, Dutch banks are likely already reporting US person accounts to the IRS. The good news is most people in our situation don't actually owe US taxes due to foreign tax credits and exclusions. It's mostly just paperwork to prove you don't owe anything. But that paperwork is unfortunately mandatory. Consider getting help from a tax professional who specializes in expat/dual citizen situations - it's complex enough that it's worth the investment for peace of mind.

Has anyone used the IRS withholding estimator tool? It's actually pretty helpful for avoiding situations like this in the future: https://www.irs.gov/individuals/tax-withholding-estimator I had a similar issue two years ago and now I run my info through this calculator whenever I start a new job or have a major life change. It tells you exactly how to fill out your W-4 to get the right amount withheld. The form changed a few years back and doesn't use "allowances" anymore, which makes it more confusing for people who were used to the old system. But this calculator basically does the work for you.

This is a really common issue with staffing agencies! I work in HR for a company that frequently hires through temp agencies, and I see this happen all the time. Here's what usually goes wrong: Many staffing agencies use automated payroll systems that default to "exempt" status if there's any ambiguity in how the W-4 was filled out. Sometimes even a missing signature or unclear handwriting can trigger this. The agencies often don't have dedicated HR staff to catch these errors before they become a problem. A few things you can do right now: 1. Contact the staffing agency and ask for a copy of your original W-4 form - this will show exactly what was submitted 2. If they made an error, request a corrected W-2 (though this close to tax season, it might be faster to just file with what you have) 3. Keep detailed records of your attempts to contact them in case the IRS has questions later The silver lining is that if your total tax liability for 2023 is under $1,000 after accounting for withholding from your other jobs, there typically won't be any underpayment penalties. And even if there are penalties, they're usually pretty small for first-time situations like this. Don't beat yourself up about not catching it sooner - these agencies should have systems in place to prevent exactly this kind of problem!

Anyone know if this same rule applies to cryptocurrency trades? I sold some Bitcoin on Dec 31 but the transaction didn't fully confirm on the blockchain until January 2.

Just want to add one more important point that I haven't seen mentioned yet - if you're doing tax-loss harvesting at year end, the trade date rule becomes even more critical. I learned this the hard way when I tried to realize some losses on December 31st to offset my gains, but I forgot about the wash sale rule. Since I had bought the same stock again in early January (thinking it was a new tax year), the IRS treated it as a wash sale because both the sale and repurchase happened within the 30-day window when you count by trade dates. So for anyone doing last-minute tax planning, remember that it's not just about which year your gains/losses fall into - you also need to think about wash sales if you're planning to buy back similar positions early in the new year. The 30-day clock starts ticking from the trade date, not settlement.

its definitely NOT every 24 hrs, ive been checking mine for weeks and sometimes nothing changes for 10+ days straight smh

From my experience working in tax prep, the IRS batch processes updates overnight but your individual transcript might not change daily. The system does update around 3-4 AM EST like others mentioned, but whether YOUR specific return gets processed depends on where you are in the queue at your processing center. Early filers and simple returns usually see faster updates, while complex returns or those with errors can sit for weeks without changes. Don't drive yourself crazy checking multiple times per day - once in the morning after 6 AM EST is plenty!

I would probably contact Dave again, but specifically ask to speak with their ACH department or a supervisor. Sometimes the frontline customer service representatives don't have visibility into pending transactions that haven't fully posted yet. In my experience, using the phrase "I need to speak with someone who can verify pending ACH transfers that might not be visible in the system yet" can get you to someone more helpful. If that doesn't work within 24 hours, you might need to consider filing a CFPB complaint, which often prompts faster action from financial institutions.

I've been through this exact situation with Dave last year! Here's what actually helped me get results: when you call Dave, specifically ask to be transferred to their "Payment Operations" or "ACH Processing" department - don't just talk to regular customer service. The front-line reps literally cannot see pending ACH transfers that are in their processing queue. Also, get a reference number from Cross River for the transaction they sent - this gives you something concrete to reference when Dave claims they haven't received anything. In my case, Dave had received the deposit 2 days earlier but it was sitting in their internal review system. Once I had the Cross River reference number and spoke to the right department, they located it immediately and released it the same day.