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International information reporting

SEE 1 Chapter 25 · IRS outline 1A13, 1A15, 6C1, 6C2, 6C3, 6C4

Many international forms report no tax at all, yet their penalties can exceed the tax on the whole return. Mei has a Singapore bank account and a retirement fund there, Arjun still has accounts in India and inherited a stake in a family company, Hank's friend Ian owns part of a UK partnership, and Arjun's grandmother sent a large gift. Nadia teaches Theo the international checklist she asks every client, every year: accounts, assets, entities, trusts and gifts.

In this chapter

1. The FBAR (FinCEN Form 114)
2. Form 8938: specified foreign financial assets
3. FBAR versus Form 8938
4. Foreign corporations, partnerships, trusts and gifts
5. Penalties, the statute of limitations and getting back into compliance

This chapter has 5 lessons and 67 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• FBAR and Form 8938
• Forms 5471, 8865 and 3520
• covered accounts
• penalties and the statute of limitations
• FBAR versus Form 8938

Chapter 24: Gift tax, GST and Form 709 · Chapter 26: IRS forms workshop