How Do I Comply With IRS Foreign Reporting?
Channel: Esquire Group
Date: 2023-03-30

The bane of the U.S. taxpayers’ existence is complying with IRS foreign reporting requirements. The rules are so complex, and the penalties are draconian.

The worst part is U.S. taxpayers with foreign income and assets don’t even know which assets are supposed to be reported so they don’t even know what is relevant to tell their tax preparer.

This video is aimed at providing a summary of what international information forms are required to report what.

🔺FBAR must be filed if the aggregate value of foreign financial accounts exceeds $10,000 at any time during the calendar year.

🔺Form 8938 must be filed if the aggregate value of specified foreign financial assets exceeds certain thresholds, which depend on the taxpayer's filing status and whether they live in the US or abroad.

🔺Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, must be filed by U.S. citizens or residents who are officers, directors, or shareholders in certain foreign corporations.

🔺Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation, must be filed by U.S. citizens or residents who transfer property to a foreign corporation.

🔺Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, must be filed by U.S. citizens or residents who are partners in certain foreign partnerships.

🔺Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, must be filed by U.S. citizens or residents who have an interest in a foreign trust or have received gifts or bequests from foreign persons.

🔺Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities, must be filed by U.S. citizens or residents who own foreign disregarded entities.

In order to comply with these reporting rules, Americans must keep accurate records of their foreign assets and accounts, including account numbers, balances, and the name and address of the financial institution.

To get more information on which form to file when, download our 🔴INTERNATIONAL TAX FORM FILING GUIDE🔴.

DOWNLOAD the GUIDE here
 🔺https://esquiregroup.com/international-tax-filing-guide/🔺


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Hi! I am Jimmy Sexton, LL.M. – Founder & CEO of Esquire Group. I founded Esquire Group with the objective of helping and inspiring wealthy families, investors, entrepreneurs, and high-level executives obtain and gain control over and protect their wealth, via strategic wealth planning. 

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--------------------------------------------------DISCLAIMER--------------------------------------------------------
This video is prepared for educational purposes only. This video is not legal, tax or any other type of advice. Each individuals’ circumstances are different, you should seek legal and/or tax advice to address your specific situation and any questions you may have.