Ask yourself: Did you get any money or other assets from a country outside the U.S.? Do you own any assets outside the U.S.? Did you move any assets outside the U.S.? Did you have an ownership or management interest in an entity in a foreign country? Suppose you answered yes to any of these questions. In that case, you likely need to file additional reporting forms with the IRS (or risk hefty penalties).
Overview: In addition to filing your U.S. 1040 Tax Return each year, you may also need to report your foreign financial activities to the U.S. Government. This includes everyday Americans with real estate owned via a foreign entity instead of personally (common in Latin America) or Americans who run small businesses through foreign corporations or foreign LLCs.
What's contained in the Guide? This tax guide illuminates the often-overlooked U.S. Government reporting obligations arising from foreign financial accounts, gifts, foreign income, inheritances, and interests in foreign entities, like businesses, trusts, and insurance policies. While not exhaustive, this information provides a starting point for discussions with your international tax professional.
If you want to know more about ways to avoid fees and penalties, download the TaxStrategyOne guide "US Expat Tax and Foreign Asset Reporting." It provides the required tax-savvy knowledge.
Being a U.S. expat or digital nomad is exhilarating, but with great adventures come responsibilities. While this list might seem overwhelming, remember knowledge is power. So, download and read this essential expat/digital nomad tax guide.
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We help you navigate the complexities of US tax laws, as there are little-known IRS rules and reporting requirements when you ‘go international.’ You face penalties—sometimes quite hefty—as well as losing your beneficial tax-breaks for not complying with these little-known regulations. Do yourself a favor and get your own professional plan in place from our experienced international tax strategists.
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