International Taxes
A&C is experienced and qualified in preparing a number of different informational returns for international tax filings, which if not done correctly and filed timely, can result in significant penalties to the taxpayer. Examples are:
- Reporting Foreign Gifts. Receipt of foreign gifts in excess of $100,000 must be reported to the IRS.
- Reporting Foreign Trusts. Beneficiaries must report distributions they receive from foreign trusts to the IRS.
- Reporting Foreign Pension Plans. Owners of certain foreign pension plan must report contributions and/or distributions they make/receive from foreign pension plan to the IRS.
- Reporting Transfers to Foreign Corporations. Transferors must report the transfer of money and property (physical and financial) to the IRS.
- Reporting the Activities of Foreign Corporations. The shareholders of foreign corporations must report the activities of their foreign corporation to the IRS.
- Reporting the Activities of Foreign Partnerships. The shareholders of foreign partnerships must report the activities of their foreign partnerships to the IRS.
- Reporting the Activities of Foreign Sole Proprietorships. The owners of foreign sole proprietorships must report the activities of their foreign sole proprietorships to the IRS.
- Statement of Specified Foreign Financial Asset. Individuals that have an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold must report to the IRS.
- Foreign Bank and Financial Account Reporting (FBAR)
You may be required to file a Form FinCEN 114 (previously known as TD F Form 90-22.1/ FBAR) if:
- You are a U.S. citizen who owns bank and/or brokerage accounts outside of the United States; or
- You are NOT a U.S. citizen, but you live in the United States and own bank accounts and/or brokerage accounts located outside the United States; or
- You have signature authority over a bank account or brokerage account located outside the United States.