Foreign Accounts Compliance Blog

A U.S. taxpayer whose interest in a closely-held foreign corporation meets a specified threshold must file Form 5471, Information Return ...

U.S. persons are required to report to the United States government concerning foreign financial accounts. A “U.S. person” is a ...

Accountants commonly send an “organizer” to a client with instructions to complete and sign it and return it to the ...

U.S. persons are subject to compliance obligations concerning foreign financial accounts under two statutes, the Internal Revenue Code and the ...

U.S.-based mutual funds annually issue to each of their shareholders a Form 1099 reporting the shareholder’s share of interest, dividends, ...

Many U.S. persons are alarmed upon learning of their reporting obligations with respect to foreign financial accounts.  Those obligations include ...

For U.S. income tax purposes, ownership of property means beneficial ownership.  Only the beneficial owner of property is required to ...

The United States imposes reporting obligations upon U.S. persons with respect to their worldwide income and financial assets.  The reporting ...

Foreign mutual funds, known as passive foreign investment companies or “PFICs,” pose significant compliance burdens for U.S. taxpayers.  Click here for the ...

John Doe summonses are an expeditious weapon available to the U.S. government in identifying U.S. taxpayers’ foreign financial accounts.  Click here for ...