International Information Returns
Posted on: December 22, 2018 | By: Stephen Dunn | FBAR, Form 3520, Form 3520-A, Form 8865, Form 8938, Form 926, International Information Returns, Uncategorized
The United States taxes its citizens and residents on their worldwide income. The Internal Revenue Service requires U.S. taxpayers to file information returns concerning foreign assets, accounts, and transactions. I have recently posted articles on several of them, as follows:
Taxpayers are subject to substantial civil penalties for failure to file international information returns. Taxpayers with delinquent international information returns should file them as soon as possible.
Enjoy!
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The first thing a taxpayer should do who is out of compliance with United States laws concerning foreign financial accounts is immediately file delinquent FinCEN Forms 114, Report of Foreign Bank and Financial Accounts, (“FBARs”), or amended FBARs for the preceding six years. The statute of limitations on assessment of penalties for failure to file an FBAR is six years, and it begins to run when the FBAR is due,...
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