Delinquent International Information Return Submission Procedures Archives

Delinquent International Information Return Submission Procedures

Reporting Your Foreign Interests – Taxing, Briefly

If you are a U.S. citizen or resident with interests abroad, whether in a bank account, in an entity, or in other financial assets, then it is very likely that you must report these interests to the U.S. government each year. If you have not done so, the penalties can be astronomical. Nonetheless, the IRS offers programs to come into compliance. Do you understand what you should about reporting your foreign interests? The filing requirements are

Scott St. Amand May 19, 2021

5% Miscellaneous Offshore Penalty

The Streamlined Filing Compliance Procedures

In an increasingly common occurrence, a client calls in somewhat of a tizzy over foreign information returns, which, apparently, she was “required” to file for the past few years. She’s gone to three different CPAs, only the last one of which even asked her whether she had foreign assets or interests. Her new CPA, one of the good ones, inquired about any foreign relationships that she might have, and she disclosed a Swiss bank account,

Scott St. Amand April 29, 2021