IRS Enters Reporting Agreement With More Foreign Nations

Many American taxpayers diversify their investment portfolios by investing and holding their money overseas. There is nothing inherently wrong with this and makes sound financial sense. However, the IRS sees this money as hidden, lost tax revenue. Traditionally, the IRS has been unable to access this money as it relied on taxpayers self-reporting their foreign  … Read more

Reporting Foreign Assets

Many people own foreign assets. Whether it derived from your family’s country of origin, or whether it is part of a diverse investment portfolio, there may be important tax implications that come with owning this property. Since 2010, the IRS has required that specific taxpayers report information about “specified foreign financial assets” if those assets  … Read more