Tag: foreign assets reporting

November 19, 2020 by Barbara Dillon

FATCA Basics and Form 8938

Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.

November 2, 2020 by Barbara Dillon

FBAR Foreign assets Foreign Financial Accounting Foreign financial reporting Income tax International report of foreign bank and financial accounts Tax Taxes

Foreign Financial Account Reporting and FBAR

Every year, under federal law, taxpayers must report certain foreign financial accounts to the Treasury Department. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.