Tag: foreign assets
Inheritance or gifts from foreign persons may require Form 3520 reporting
Although a gift or inheritance doesn’t generate any U.S. income tax reporting, it may generate other filing responsibilities for the recipient. As related to inheritances and gifts from foreign persons to a U.S. citizen or U.S. resident, Form 3520 (Annual...
Deadline Looms for Foreign Bank Account Holders
The Internal Revenue Service is reminding all taxpayers with a filing requirement for a foreign bank account report to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as the Foreign Account...
Schedule a Foreign Asset Reporting seminar for your group today
ShindelRock tax experts are offering free seminars for interested employers and civic groups interested in learning more about foreign asset reporting. Previous groups that have found this seminar helpful include the Oakland County Bar Tax Committee and the Michigan Indian...
Foreign Asset Reporting for Individuals
Ownership of foreign assets comes with a myriad of tax reporting considerations, many of which come with steep penalties for non-compliance. Individuals who own certain foreign assets need to be aware of Form 8938 (Statement of Specified Foreign Financial Assets)...