TaxConnections


 
 

Tag Archive for foreign asset reporting requirements

Foreign Asset Reporting Requirements

Venar Ayar - Foreign Assets Reporting Requirements
Understanding Foreign Asset Reporting

US tax code can be very confusing. This is especially true when it comes to reporting foreign assets. The IRS has a number of complex regulations regarding foreign assets and how they are reported, any of which can cause headaches for those filing. To give you some insight into the FBAR and other relevant forms, here is Ayar Law’s guide to foreign asset reporting requirements.

Foreign Asset Reporting Forms

The Internal Revenue Service has a variety of forms when it regards foreign asset reporting. The most common of these forms are:

  • Form 3520 – Foreign Trust and Gifts
  • Form 3520-A – US Owner of a Foreign Trust
  • Form 5471 – Foreign Corporation
  • Form 8865 – Foreign Partnership
  • Form 8621 – Passive Foreign Investment Company
  • Form 8938 – Specified Foreign Assets
  • FBAR – Report of Foreign Bank and Financial Accounts (also known as FinCen 114)

Read more

The US “Expatriation Tax” And The Incentive To Apply For A Green Card And/Or Remain In The USA

John Richardson

America doesn’t really need skilled immigrants, or does it?

Clearly a potential immigrant to the U.S. with assets in the home or a third country would have to have a special kind of insanity to subject himself to this system with all the paperwork and potential for double-taxation. And it would do this person absolutely no good whatsoever to become a U.S. citizen since this would change nothing. On the contrary, being a citizen would actually make it worse – one might shed a Green Card relatively easily (if done before the immigrant acquired too many assets in the U.S. or abroad) but U.S. citizenship is forever unless one renounces.

Read more

Meet Tax Experts At TaxConnections...