U.S. citizens and resident aliens, including those with dual citizenship, may have to report certain foreign assets. Here's what you need to know.
You may think you know what a taxpayer with foreign assets looks like. It’s easy to paint a picture of the super-rich jetting off to the Caymans, but that’s more Hollywood-driven than real life. Taxpayers with control over foreign assets come in all shapes and sizes. It’s the executive who works in the U.S. on a non-immigrant visa. It’s the mom who opened a bank account for her daughter during a school year abroad.
No matter the circumstances, U.S. citizens and resident aliens, including those with dual citizenship, may have to report certain foreign assets.Depending on the nature of your assets, you may have to file one or more forms. The most common tax form to file for foreign assets is the annual Report of Foreign Bank and Financial Accounts .
are available to taxpayers who have not filed one or more required international information returns and have reasonable cause for not doing so; as before, taxpayers under a civil examination or a criminal investigation by the IRS, or who have been contacted by the IRS about late or missing returns are not eligible for the program.Simply having assets offshore isn't a crime, but failing to report them may be.
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