An Important International Tax Form to Declare Foreign Financial Assets May be filed through the IRS Streamlined Procedures What is it Internal Revenue Form 8938? Form 8938 is used to report specified foreign financial assets when the overall value of the those specified foreign financial assets is over the appropriate reporting thresholds. The form requires
International Tax
Complying with International Tax Reporting Requirements – Streamlined Procedures May Help
Streamlined Procedures – What Is It and Who Does It Assist? Streamlined Procedures may provide non-tax-compliant US citizens a remedy when the conduct was non-willful. The Streamline includes procedures and terms for filing amended or delinquent returns and for resolving open tax and penalty obligations. Part of the process includes filing three years of income
Do You Own A Foreign Corporation? Have You Filed IRS Form 5471?
What is a Form 5471? IRS form 5471 is a form issued by the Internal Revenue Service (IRS). Form 5471 – Information Return of U.S. Persons With Respect to Certain Foreign Corporations must be completed and filed by certain taxpayers to report ownership of a foreign corporation. Who Must File Form 5471 and When? There
Own a Foreign Bank Account? Be Prepared to File an FBAR to Avoid Penalties
Foreign Bank Account And Financial Accounts Reporting If you own or are listed as a signer on foreign bank or financial account(s), it must be reported annually if the aggregate balance of the account(s) was equal to or greater than $10,000 USD at any point during the year. Failure to do so may result in