IRS Penalties for Missing Form 8938 Failing to attach Form 8938 to your annual tax return when required carries significant statutory fines. Because FATCA enforcement is backed by strict...
FBAR vs FATCA: Which Form Applies? Many taxpayers holding overseas assets assume that submitting an FBAR fulfills all international disclosure duties, or vice versa. In reality, FBAR and FATCA...
Foreign Deposit Maturity and U.S. Tax Timing A foreign deposit’s maturity date creates an urgent tax timing puzzle that catches overseas account holders off guard. A major milestone for...
IRS Rules for Interest Credited but Not Withdrawn Holding unwithdrawn overseas interest credited in foreign accounts can create immediate, unexpected federal income tax liabilities for US taxpayers. Many account...