Practical Tax Insights & EA Exam Resources from a U.S. Enrolled Agent
Even with the new 1% remittance tax grabbing attention, the real long-term issues for transferring money between the US and Korea are still gift tax limits, Form 3520 reporting, and foreign account rules like FBAR. This guide explains how those rules work for Korean families and how they interact with the new remittance tax starting in 2026.
Starting January 1, 2026, the One Big Beautiful Bill Act imposes a 1% federal excise tax on certain outbound remittances from the U.S. This article explains who is affected, which transfers to Korea may be taxed, how the new rules interact with gift and reporting rules, and what practical steps you can take to reduce unnecessary costs.
A complete 2025 guide explaining what FBAR is, who must file, which accounts qualify, how to file online, and how to avoid heavy penalties.