What Should I Do if I Did Not Report…

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Foreign Accounts, Offshore Assets, Ownership of Foreign Companies, Foreign Gifts and Inheritances, or Interests in a Foreign Trust?


It is a common misunderstanding that a person with U.S. citizenship or residency believes foreign accounts, foreign sources of income, and foreign assets do not need to be reported on their U.S. federal tax return. A failure to report such income to the IRS and other U.S. government agencies can result in substantial penalties. With increased enforcement in U.S. federal international tax reporting and compliance, many U.S. individuals are now becoming aware of reporting requirements.

A U.S. individual that owns or has signature authority …read more

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