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On Tax Day it is a helpful reminder that a variety of income tax
reporting obligations are associated with offshore assets. Any
ownership of an asset that gives rise to income when those assets
are located outside of the United States may need to be reported to
the IRS. "Not only are assets held in financial
institutions reported (Schedule B and Form 8938), but distributions
from trusts and estates may also be reported with the annual income
tax filings on Form 3520," said
Jim Mastracchio, Leader of BakerHostetler's
Criminal Tax Defense team. In addition, the 2014 FBAR reports
will be due in June, giving the IRS and FinCEN additional
information on foreign accounts. "Now is the time to ensure
that all required filings are up to date," added Mastracchio.
"Any noncompliant taxpayer can take advantage of a variety of
programs being offered by the IRS to come into compliance with
income tax and informational reporting obligations for prior
years."
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
