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Etiket 'form 8865' (1)

How To Report Foreign Assets To The Irs

The IRS presumes that a foreign financial asset has sufficient value to meet the reporting thresholds if a Form 8938 isn't filed, and if it determines that a taxpayer owns one or more foreign financial assets that are required to be reported. Penalties can be waived if the taxpayer can show reasonable cause for not reporting an asset on Form 8938. An FBAR is required if any United States person, corporation, or other entity has at least $10,000 held in foreign accounts at any time during the...

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