You may be required to report information on your foreign financial accounts.
If you have a financial interest or signature authority over any foreign financial account (including bank accounts, brokerage accounts, mutual funds, trusts), you may be required to report the accounts presence and value to the Internal Revenue Service yearly by filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”).
You must file an FBAR if you had financial interest in or signature authority over at least one financial account located outside of the U.S. and the total value of all foreign financial accounts exceeded $10,000 at any time during the year.
In addition to the FBAR, you may also need to file Form 8938 if you have specified foreign financial assets with a value of more than $100,000 on the last day of the year or more than $150,000 at any time during the year for married taxpayers ($50,000 and $75,000 for single taxpayers).
Expatriate Tax Online can help you in filing these forms and avoiding stiff penalties. Contact us now to discuss your personal needs in greater detail.