International Taxes Foreign Income
U.S. persons who are officers, directors, or shareholders in certain foreign corporations must file Form 5471 with their income tax returns. The IRS assesses an...
The IRS applies extremely high penalties to unfiled FBAR reports, even if the failure to file wasn’t willful. Filing late can put you at risk...
If you’re behind on filing FBAR reports and you live in another country, Form 14653 lets you apply for the IRS’s Streamlined Foreign Offshore Procedures...
FinCEN Form 114, Report of Foreign Bank & Financial Accounts (FBAR), is required for U.S. persons with overseas financial accounts totaling more than $10,000 at...
The penalties for not filing an FBAR are $10,000 for non-willful actions and $100,000 for willful failure to file, but because those penalties are indexed...
If you own or have an interest in foreign bank accounts, you must report them to the government every year that their combined balance exceeds...
Updated February 2026 Penalties and Payment Options When You Fail an IRS Tax Audit If you get audited by the Internal Revenue Service (IRS), you’ll...
If you’re involved with certain foreign partnerships, you may need to file Form 8865. This guide provides an overview of Form 8865, including what it...
Updated April 2025 Delinquent Submissions, Streamlined Procedures, and Voluntary Disclosures Not filing an FBAR can lead to significant penalties and possible criminal charges. Still, if...
Updated April 2025 As a U.S. taxpayer, you may be legally obligated to report your foreign assets to the IRS. Failure to do so can...