The Peck Group, LC - Tax Law
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Comprehensive Tax Law Representation Since 1995
We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

What you should know about foreign asset reporting

| Jul 18, 2018 | Uncategorized |

Filing your taxes can be complicated. If you have financial assets in foreign countries, however, the process becomes even trickier. Since 2010, it is the law to report any money that is held outside the United States to the Internal Revenue Service (IRS). Do you know all the forms required to list your finances? Here’s how to make sure you are accurately documenting your overseas assets.

 

Types of foreign financial assets

The IRS requires you to file the Statement of Specified Foreign Financial Assets (Form 8938) if you have any of the following:

  • Financial accounts that are held by a foreign institution, such as bank savings, deposit, checking or brokerage accounts.
  • Stocks, bonds or securities that were issued by a non-U.S. person
  • Interest in a foreign corporation, partnership or trust
  • Financial contracts or partnerships with a non-U.S. person

These requirements were put into place by the Foreign Account Tax Compliance Act in 2010. Currently they only apply to individual taxpayers, not businesses. There are several IRS resources available for you to be sure you are compliant with these tax regulations.

Make sure you are prepared for tax season

Whether you are diversifying your portfolio or own a foreign business, there are many reasons why you might have overseas financial interest. Whatever your case may be, it is vital to properly document your finances for tax purposes. Working with a veteran tax professional to prepare your taxes is a reliable way to ensure that you have all your bases covered when it comes to your foreign financial portfolio.

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