If you have overseas banking accounts, it is important to understand and if you are required to declare these accounts, and if you are, what IRS forms you need to submit.
If you’re having tax problems
Tag: foreign assets
If you have money in foreign bank accounts, you are not immune from disclosing that information to the IRS. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and other non-financial foreign entities to report foreign assets held by U.S. account holders. Individuals are also required to report their foreign financial accounts… Read more »
U.S. law requires that all taxpayers pay taxes on any foreign income or assets they have. This extends to anyone who is required to file taxes in the United States; it is not limited to U.S. citizens. Many people are not aware of this and subsequently fail to file and pay taxes on their… Read more »
You have three major option for filing Foreign Bank Account Reports (FBARs) for previous tax years. The best option for you will depend on the specific facts of your case, such as: Whether you failed to report foreign income during the tax years in question. Whether your failure to file was willful or non-willful…. Read more »