U.S. persons with assets located outside the United States may be subject to additional reporting.
REQUIRED INTERNATIONAL INFORMATION RETURNS
Failure to file these forms, if required, could result in a $10,000 penalty per form per year. In addition, the statute of limitations on the taxpayer’s Form 1040 remains open indefinitely until the required international information return(s) is received by the IRS.
FinCen 114, Foreign Bank Account Report (FBAR)
Form 8938, Statement of Specified Foreign Financial Assets (FATCA)
Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations
U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations are responsible for filing Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. This form is included with your federal tax return. Read more about Form 5471 here.
Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships
U.S. citizens and U.S. residents who have an interest in certain foreign partnerships are responsible for filing Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships. This form is included with your federal tax return. Read more about Form 8865 here.
Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities
U.S. citizens and U.S. residents who are the tax owners of a Foreign Disregarded Entity are responsible for filing Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities. This form is included with your federal tax return.
Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing fund
U.S. citizens and U.S. residents who are a direct or indirect shareholder of a PFIC are responsible for filing Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company (PFIC) or Qualified Electing Fund. An investment in a foreign (non-U.S.) mutual fund, will likely qualify as a PFIC. This form is included with your federal tax return. Read more about PFICs here. Listen to Stacy explain the risks of investing in foreign funds.
Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
U.S. citizens and U.S. residents who have certain transactions with or ownership of foreign trusts or have received large gifts or bequests from certain foreign persons are responsible for filing Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. This form is due by the income tax return due date, but is filed separately.
Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner
A foreign trust with a U.S. owner must file Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner. This form is due by 15th day of the 3rd month after the end of the trust’s tax year.
Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation
U.S. citizens and U.S. residents who transfer assets to a foreign corporation or partnership are required to report the transfer on Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation. This form is included with your federal tax return. Failure to file this form could result in a penalty of 10% of the fair market value of the property at the time of transfer.
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