We invite you to listen to our latest podcast, ABCast Episode 7 – FBAR and Foreign Asset Reporting to the IRS with Janathan Allen. In this podcast, Jan and Neil discuss the impact of FATCA on US taxpayers worldwide and associated reporting requirements to the IRS. Many US taxpayers are unaware that they are required by law to report all worldwide income, regardless of when or where it is realized, on their annual tax return.
In ABCast Episode 7 – FBAR and Foreign Asset Reporting to the IRS Jan provides insight on the extensive offshore activities, accounts, investments, crypto, foreign trusts and foreign corporate ownership of US taxpayers, as well as important forms such as FBAR and forms 8938 and 5471. If you have earned income in any way internationally or have offshore accounts or assets it is important to understand your responsibilities as a US taxpayer. The IRS and the federal government have extensive insight into the activities of US taxpayers internationally in large part due to the cooperation between the IRS, foreign tax authorities, international banking and investment houses as well as crypto exchanges due to electronic reporting requirements established under FATCA.
It’s not a matter of “if” the IRS will know about a US taxpayers activities, it’s a matter of “how extensive their specific information is when compared to what the taxpayer discloses on their 1040 and associated tax forms.”
In ABCast Episode 7 – FBAR and Foreign Asset Reporting to the IRS Jan explains reporting requirements when the balance of any and all of a US taxpayers’ foreign accounts exceeds $10,000, even for a day, as well as the extensive penalties and financial consequences for the failure to fully disclose and report offshore income.
We invite you to listen to ABCast Episode 7 – FBAR and Foreign Asset Reporting to the IRS and hope you enjoy learning more about offshore assets and income and associated reporting requirements provided by Janathan L. Allen, APC as a part of the integrated offerings of Allen Barron, Inc. We invite you to meet with experienced San Diego tax attorney Janathan Allen by contacting Allen Barron, or call 866-631-3470 to schedule a free consultation.