International Information Returns

The United States taxes its citizens and residents on their worldwide income.  The Internal Revenue Service requires U.S. taxpayers to file information returns concerning foreign assets, accounts, and transactions.  I have recently posted articles on several of them, as follows:

The FBAR Filing Requirement

Form 5471 and Closely-Held Foreign Corporations

U.S. Taxpayers’ Interests in Foreign Financial Accounts Reported on Form 8938

Forms 3520 and 3520-A and the Grantor Trust Rules

U.S. Taxpayers’ Interests in Foreign Partnerships Reported on Form 8865

Mysterious Form 926

Taxpayers are subject to substantial civil penalties for failure to file international information returns.  Taxpayers with delinquent international information returns should file them as soon as possible.