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Shamsey Oloko September 27, 2016 FATCA, FBAR, Foreign Financial Account 0

A $10,000 Penalty May Await You If You Fail To File Form 5471 Or 5472

I.R.C. § 6038 requires U.S. taxpayers to file Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) with their tax returns. The reporting requirements of § 6038, as well as § 6046, require Form 5471 to…

Shamsey Oloko September 23, 2016 FATCA, FBAR, Foreign Financial Account, Foreign Tax Credit 0

A Primer on Foreign Tax Credit

U.S. taxpayers that have paid or accrued foreign taxes to a foreign country or U.S. possession, while subject to U.S. tax on the same income, may be able to take either a credit or an itemized deduction for these payments…

Shamsey Oloko September 20, 2016 FATCA, FBAR 0

A Comparison of Form 8938 and FBAR Requirements, Part 2

Form 8938 refers to the Statement of Specified Foreign Financial Assets while FinCEN Form 114 refers to an FBAR or Report of Foreign Bank and Financial Accounts. U.S. taxpayers that own foreign assets need to distinguish the requirements related to…