Are you a U.S. Citizen, Green Card Holder, or Tax Resident with Foreign Financial Assets?
Are you a U.S. Citizen, Green Card Holder, or Tax Resident with Foreign Financial Assets?
If you are a U.S. citizen, green card holder, or tax resident, it's crucial to understand your obligations regarding the disclosure of foreign financial assets to the U.S. Government. The Internal Revenue Service (IRS) requires individuals to report their worldwide income and assets annually, including those held outside of the United States.
Why Disclose Foreign Financial Assets?
Why Disclose Foreign Financial Assets?
The U.S. Government requires disclosure of foreign financial assets to prevent tax evasion and ensure compliance with tax laws. Failure to report these assets accurately and timely can result in severe penalties, including substantial fines and legal consequences.