Form 3520 and Form 8938: International Tax Compliance

Filed in CPA Blog by on February 29, 2016
Tags:

San Francisco is one of the most international cities on earth! Every day, people walk into our Geary Street office here in San Francisco, and we are amazed at the diversity of people who walk in. And, we are speaking not only of ethnic and cultural diversity, but of the diversity of business and tax issues that they present. Among the most common are people who have international tax compliance issues.

International Tax Compliance, Including but Not Limited to IRS Forms 3520 an 8938

Recently, it came to our attention from an article in Forbes magazine to remind our clients of the importance of filing certain specific forms that may be required if you have assets or income that are originating outside of the United States. The IRS is getting more and more disciplined about auditing people who have international tax exposure. Suppose, for example, that you have a business interest in a corporation in Germany. Or suppose that you worked part of the year in the United Kingdom, or in Ireland. Or suppose, for example, that you receive a pension originating in Mexico. The list goes on and on.International Tax

The reality is that if you have any type of income either on a personal or corporate level that originates outside of the United States you may be required to file certain returns. We can help you with that because we are one of the expert accounting firms in the bay area that specialize on international tax compliance issues.

If you’d like to get really scared, read this article on Forbes magazine, which points out that noncompliance in terms of filing many of these tax forms such as form 3520 and form 8938 mean that you may be subject to an IRS audit for an unlimited time in the future.

The world, is getting smaller by the day. And the IRS is getting more aggressive by the day in enforcing US tax laws in terms of compliance for those with income and or assets located outside of the United States of America. If you have any questions, feel free to reach out to us by phone or email. We are happy to help.

Comments are closed.