ARTICLE
11 April 2024

Offshore And Out Of Mind: Reporting Foreign Assets And Gifts

SJ
Steptoe LLP

Contributor

In more than 100 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and professional staff across the US, Europe and Asia.
Partner Lauren Azebu authored an article titled "Offshore and Out of Mind: Reporting Foreign Assets and Gifts" for The Tax Adviser.
United States Tax

Partner Lauren Azebu authored an article titled "Offshore and Out of Mind: Reporting Foreign Assets and Gifts" for The Tax Adviser. This article provides a comprehensive guide on the federal tax reporting requirements for US taxpayers with foreign assets, business interests, and gifts. She emphasizes that ignorance of these reporting obligations can lead to severe civil and criminal penalties. The specific reporting requirements are discussed, including for foreign accounts (FBAR and Form 8938), foreign business entities (varying depending on whether the entity is classified as a corporation, partnership, or disregarded entity for U.S. tax purposes), and foreign trusts and gifts (Form 3520).

Additionally, Azebu outlines the options available for taxpayers who have failed to comply with these reporting requirements in the past, which include delinquent international information return and FBAR submission procedures, streamlined filing compliance procedures, and the voluntary disclosure program. She advises taxpayers to consult with tax professionals to ensure they are meeting their reporting obligations and to promptly rectify any past noncompliance.

Read the article at The Tax Adviser.

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.

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