Do you know if the FBAR requirement applies to joint accounts? I have access to my parent's account in their home country that definitely exceeds $10k but it's not technically my money.

Yes, the FBAR requirement absolutely applies to joint accounts. If you have signature authority over a foreign account - even if the money isn't technically yours - you still need to report it if the total of all your foreign accounts exceeds $10,000 at any point in the year. This is a common oversight that can lead to serious penalties, so I'm glad you asked. The reporting is separate from your tax return and done electronically through FinCEN's BSA filing system. The good news is they have procedures for submitting late FBARs with explanations for reasonable cause to potentially reduce penalties.

FreeTaxUSA lets you file prior years for only $15 per federal return (state is extra). They have forms going back several years. You'll have to mail in the printed returns though - e-filing isn't available for prior years on most platforms.

That's a smart idea I hadn't considered. I do have a good relationship with my business banker. Did your banker connect you directly or just give you a name to contact? I'm wondering if a warm introduction might help get past the "not taking new clients" barrier.

My banker actually made a direct introduction via email, which definitely helped get me in the door. He specifically mentioned my business challenges and growth plans, which I think made the CPA more interested in working with me. A warm introduction from a mutual contact can absolutely help bypass the "no new clients" response that's so common with established CPAs. CPAs often prioritize clients who come through referrals from trusted sources because it indicates you're likely to be a serious business owner who values professional advice. It's worth asking your banker for that direct introduction rather than just getting a name - makes a world of difference!

I would be super careful with online reviews for CPAs. My friend owns a tax practice and said there are firms that offer discounts in exchange for positive reviews. Plus, a lot of the negative reviews are from people who are mad because the CPA wouldn't do something illegal or aggressive with their taxes!

Thanks for mentioning this! I just checked and I did see something about education credits in my tax software that might have been wrong. Would claiming incorrect credits cause me to owe more or less though? I'm confused about why this would make my tax bill higher.

If you're seeing a high tax bill, it's likely NOT because you claimed education credits incorrectly - those would actually reduce your tax liability improperly. It's more likely that your tax bill is high because you're not getting the standard deduction that US residents get, and your withholding was too low throughout the year. But it's still important to make sure you're not claiming credits you're not eligible for, as that could trigger an audit later, even if it temporarily shows a lower tax bill. The correct approach is to make sure you're filing as a nonresident alien (Form 1040-NR), checking for tax treaty benefits from your home country, and making sure you're not claiming deductions or credits that only residents can claim.

Not OP but this is helpful. I'm from Brazil on F1 and always confused about state taxes. Does anyone know if Texas has any special provisions for international students? My university says I don't need to file state taxes but I'm worried that's not right.

Does FreeTaxUSA handle rental properties well? That's my biggest concern with switching from TurboTax - I have three rental units and the Schedule E stuff gets complicated.

FreeTaxUSA handles rental properties really well. I have two rental properties myself, and their Schedule E section is comprehensive and straightforward. You can track all the same expenses, depreciation calculations, and passive activity rules that TurboTax covers. The main difference is the interface is more form-based rather than interview-style for some sections, which I actually prefer since it gives me more direct control. They also have specific sections for tracking basis, improvements vs. repairs, and other rental-specific issues. The help content isn't as extensive as TurboTax, but it covers all the important rules and definitions.

Second this! I use TaxAct and just checked - form 4684 is definitely available. Their system isn't as flashy as TurboTax but gets the job done for about 1/3 the price.

Thanks for sharing your experience! Did you use a tax professional to help with your OIC or did you handle it yourself? I'm trying to gauge how complicated the process really is.

I started doing it myself but quickly realized I was in over my head. The forms themselves aren't terribly complex, but understanding what the IRS will allow for expenses and how to present your financial situation in the most accurate but favorable light is where professional help made a difference. I used an Enrolled Agent who specialized in tax resolution. Cost me about $2,500, but considering they helped me get an offer accepted that saved me over $40,000, it was money well spent. The EA knew exactly which expenses would be questioned and made sure I had documentation ready. They also helped me respond when the IRS came back with questions, which they inevitably did.

Is that 5-year monitoring period standard for everyone? That seems like a really long time to be under the microscope.