“Am I required to report my foreign financial accounts?” — We get asked that question pretty often. More and more people in the United States have foreign financial accounts varying from a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account. With foreign financial accounts, there is a responsibility for reporting these accounts to the government even if the accounts do not generate any taxable income. There are certain criteria to determine if you must report your foreign financial accounts.
Foreign Financial Accounts Reporting Requirements
The person has financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A U.S. person is:
Learn more about the IRS Requirements for Foreign Financial Accounting by visiting this link: http://www.irs.gov/uac/Foreign-Financial-Accounts-Reporting-Requirements. You should discuss your specific tax situation with a Certified Public Accountant or other professional that handles tax accounting and foreign financial accounts.
Schedule a Phone Call or an In Office Visit
We’ll be happy to review your Foreign Financial Accounts with you by phone or in person. For each account, you’ll need to have the name of your account, address, account number, year-end balance and highest balance of the year. With this information, we can determine if you need to file your foreign accounts with the IRS.
*Disclaimer: The information on this website should not be used as general information only. It is advised that you seek the advice and guidance of a professional Tax Adviser who is familiar with all the relevant facts and laws.