There has been a lot of discussion about the possible U.S. tax obligations for Pope Leo XIV, the first U.S. citizen Pope. Some of the assertions have generated confusion, leaving key U.S. tax concepts insufficiently addressed. One of the biggest areas of misunderstanding has been the Pope’s possible FBAR reporting (FinCEN Form 114) versus FATCA reporting (IRS Form 8938) obligations for financial accounts at the Vatican Bank. Some of the discourse has been conflating the FBAR requirements under the Bank Secrecy Act with those of FATCA Form 8938 requirements under the U.S. tax laws. It is important to distinguish between…

The Medicare coverage you choose determines how much money you pay out of pocket for medical care during retirement, which medical providers can give you fully covered care, and other results. Choosing Medicare coverage can be a daunting process. First, you decide whether to enroll in a Medicare Advantage plan or stay with original Medicare and add a Medicare supplement policy and a Part D prescription drug policy. Some people choose original Medicare but don’t add both a Medicare supplement and Part D prescription drug policy. Not adding that coverage often costs them more money in the long term. Then,…