Get the free Foreign asset reporting: You may need to file two forms

MAY 2013 NEWSLETTER Foreign asset reporting: You may need to file two forms Do you know where your money is? If some of it is offshore, you might have tax reporting responsibilities and those responsibilities

How to fill out foreign asset reporting you

How to Fill Out Foreign Asset Reporting:

1. Obtain the necessary forms: Begin by obtaining the Foreign Bank Account Report (FBAR) form, also known as FinCEN Form 114, from the Financial Crimes Enforcement Network (FinCEN) website. Additionally, if you have foreign assets with a total value exceeding certain thresholds, you may need to report them on Form 8938, which is filed with your annual tax return.
2. Gather relevant information: Collect all the necessary information regarding your foreign assets. This includes details such as the account numbers, the name and address of the financial institution where the assets are held, the maximum value during the reporting period, and any income generated from these assets.
3. Determine the reporting thresholds: Understand the specific reporting thresholds that apply to you. For FBAR reporting, if the total value of your foreign financial accounts exceeds $10,000 at any point during the calendar year, you must file an FBAR. For Form 8938, the thresholds vary depending on your filing status and your residency status.
4. Determine the reporting deadlines: Be aware of the deadlines for submitting your foreign asset reporting. The FBAR is due on April 15th of the following year, with an automatic extension available until October 15th. Form 8938 is generally due at the same time as your annual tax return.
5. Fill out the forms accurately: Carefully complete the required information on the FBAR form. Provide accurate and detailed information about your foreign financial accounts as per the instructions provided. Similarly, if you need to file Form 8938, ensure that the required information is provided accurately and in accordance with IRS guidelines.
6. Review and double-check: Before submitting your forms, review them carefully to ensure accuracy and completeness. Double-check all the information provided to minimize the risk of potential errors or omissions. This will help you avoid any penalties or additional scrutiny related to inaccurate reporting.

Who needs foreign asset reporting?

1. U.S. citizens and residents: Any U.S. citizen or resident who has foreign financial accounts exceeding the $10,000 threshold at any time during the year must file an FBAR. Additionally, if the total value of their specified foreign assets exceeds the applicable thresholds, they must also file Form 8938.
2. Non-U.S. citizens and residents: Non-U.S. citizens residing in the U.S. may also have reporting requirements if they meet the relevant threshold criteria. The rules for determining the reporting obligations of non-U.S. citizens and residents can be complex, and it's advisable to consult a tax professional or refer to IRS guidelines for specific guidance.
3. Entities and businesses: Certain U.S. entities and businesses, such as partnerships, corporations, and trusts, may have foreign asset reporting obligations if they meet the applicable thresholds. It is recommended to seek professional advice to determine the specific requirements for these entities.

In conclusion, to fill out foreign asset reporting, you must obtain the necessary forms, gather the required information, determine the reporting thresholds and deadlines, accurately complete the forms, and review them for accuracy. The reporting requirements apply to U.S. citizens and residents, non-U.S. citizens and residents, as well as certain entities and businesses.

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What is foreign asset reporting you?

Foreign asset reporting is the requirement to report any foreign financial accounts or assets that meet the reporting threshold to the relevant government authority.

Who is required to file foreign asset reporting you?

Individuals or entities with foreign financial accounts or assets that meet the reporting threshold are required to file foreign asset reporting.

How to fill out foreign asset reporting you?

Foreign asset reporting can usually be filed electronically through the relevant government authority's website or portal. The filer will need to provide detailed information about their foreign financial accounts or assets.

What is the purpose of foreign asset reporting you?

The purpose of foreign asset reporting is to prevent tax evasion and money laundering by ensuring that all foreign financial accounts and assets are properly disclosed to the relevant government authority.

What information must be reported on foreign asset reporting you?

The information that must be reported on foreign asset reporting includes the account number, financial institution name, account balance, and maximum value of the account during the reporting period.