The IRS is hammering taxpayers who fail to report their offshore accounts.
You may have filed your FBAR and/or Form 8938 and think you are good to go. But that may not be so. Lawmakers have added many little-known international reporting requirements to the tax code—along with stiff penalties for noncompliance.
In Has Your Swiss Banker Betrayed You to the Feds?, we explained the FBAR and Form 8938 filing requirements, and how to potentially fix issues if you hadn’t filed those forms.
In this article, you will learn little-known IRS reporting requirements caused by foreign gifts, inheritances, trusts, mutual funds, life insurance, and ownership interests in businesses.
Here we go beyond the FBAR and Form 8938 to tackle the most common reporting issues that generally impact
U.S. citizens living abroad,
U.S. citizens working abroad,
U.S. citizens with foreign relatives, and
individuals born and/or raised outside the U.S. who later became U.S. residents or citizens.
You will see clear explanations of the reporting issues, how to comply with the requirements, and what to do about your past mistakes. ... Log in to view full article.