How to Navigate Form 5471, FBAR, FATCA & U.S. Tax Offshore Disclosure Scenarios - Golding & Golding
Автор: Golding & Golding. Offshore Tax. Board-Certified
Загружено: 2025-09-05
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How to Navigate Form 5471, FBAR, FATCA & U.S. Tax Offshore Disclosure Scenarios - Golding & Golding
Individuals who are considered U.S. persons for tax purposes may have several international information reporting requirements to comply with each year to disclose their foreign accounts, assets, investments, income, trusts, and entities to the U.S. government. While many U.S. taxpayers are familiar with the FBAR and Form 8938 (FATCA), there are several other international reporting forms that taxpayers must be aware of when it comes time to report the information to the IRS. For example, taxpayers may file Form 3520 to report the receipt of a large foreign gift, inheritance, or trust distribution. If they have ownership of a foreign trust, they may have to file Form 3520-A and Form 3520 as well. When the taxpayer has ownership of a foreign mutual fund or ETF, they may also have to file IRS Form 8621. In addition to all the different international tax forms that a person may have to file, it is also important to note that not all the forms are due on the same day and the mechanisms required to extend the time to file one form may not be the same as another form — even if the same account or asset is being reported on both forms. Also, the tax implications and calculations for each form may differ extensively. Let’s look at some of the more common international reporting forms along with examples of when taxpayers may have to file the form.
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