The IRS requires annual reporting of a wide range of assets held outside the US, including: Foreign bank accounts, investment accounts, and other financial accounts Foreign life insurance and mutual funds Pensions you expect to receive from foreign employers (even if you don’t currently [...]

Not necessarily! In many cases, it can be very straightforward. For instance, if your only foreign assets are foreign bank accounts or stocks, the reporting requirements are minimal. And the information is generally easy to obtain. With more complex situations, you can avoid pitfalls [...]

Many of the required disclosures are informational reports, with no impact on your tax situation. But some disclosures can have a tax impact. Either way, the IRS places a high priority on these informational reports. Why? Because the IRS has routinely found high error [...]

Years ago, the IRS had a hard time identifying individuals who were under-reporting, or not reporting, foreign income, or assets. But today the IRS has amassed a wealth of tools and data that allow it to identify US taxpayers who likely have not fully [...]

Not all foreign assets require extensive IRS reporting. And often, minor differences in how you hold those assets or in the types of assets held outside the US can make a big difference in the amount of annual reporting. We help you understand the [...]