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Don’t Risk Not Filing These 5 Foreign Information IRS Returns U.S. taxpayers who have foreign accounts, assets, investments, income, etc., may be required to file several IRS foreign information returns each year to disclose their offshore account and asset information to the IRS and FinCEN. There are many different types of foreign information returns a […]
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Explaining How IRS Offshore Disclosures Work Each year, taxpayers who are considered U.S. persons for tax purposes are required to report foreign accounts, assets, investments, etc., to the U.S. government as part of their tax filing. While some international information reporting forms are reported directly with the tax return, such as the Form 8938, other […]
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Understanding PFIC Filing Rules and Navigating Tax Traps PFIC refers to a ‘Passive Foreign Investment Company’. And, the reason why a PFIC is a U.S. tax trap is because a U.S. person who has ownership or interest in pooled funds (such as foreign mutual funds and ETFs) can also be subject to the harsh and […]
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5 Common FBAR Filing Mistakes That Lead to IRS Scrutiny The FBAR (FinCEN Form 114) is an international information reporting form that some US taxpayers are required to file each year to report their foreign accounts, assets, and investments to the US Government. The form itself is not overly complicated, but there are many nuances […]
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How to Navigate Foreign Gift Penalty Reporting While there are many different types of international information reporting penalties that the IRS can assess against taxpayers, the foreign gift penalty for failing to report Form 3520 promptly is one of the most commonly issued foreign information reporting fines that the IRS tends to assess. Unlike other […]
