Options for Delinquent Prior Year FBARs and U.S. Foreign Reporting Forms 8938, 5471, 8865, 3520, etc.

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What do I do if I had unreported offshore assets or foreign accounts for prior years?

What is the risk of not filing U.S. foreign reporting forms for prior years?

These are questions that U.S. international tax reporting and compliance specialists hear often these days. Surprisingly, the average tax return preparer does not have specialized capability to address the issues that arise when a U.S. taxpayer has offshore assets or foreign accounts. As a result, reliance on someone without this capability can lead to U.S. foreign reporting delinquencies.

Resolution of prior year delinquencies can be a very expensive and time consuming …read more

Read more here:: Technology


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