Foreign Asset Reporting
A practical starting point
Does a foreign investment need reporting beyond the income it earns?
Foreign bank accounts, investment products, pensions, and ownership interests may raise different reporting questions. A statement showing little or no income does not, by itself, answer whether an asset or ownership interest needs disclosure.
We classify the arrangement from its documentation, identify ownership and valuation information, and review the applicable reporting rules. Form 8938 and FBAR are considered separately. Unfamiliar foreign products may require additional research before they can be treated as equivalent to a U.S. account or retirement arrangement.
What to agree before work begins
Build an asset inventory and a record of the reporting analysis. Flag missing information and specialized issues instead of forcing each asset into a generic account category.
What we handle
- Foreign financial asset reporting (Form 8938)
- Foreign pension and retirement account treatment
- PFIC (passive foreign investment company) reporting
- Foreign business and partnership interests
- Foreign real estate and rental income
Common questions
Do I have to report my foreign pension?
Often yes, foreign pensions can have complex U.S. reporting and tax treatment. We'll determine what applies and how treaties may help.
What is a PFIC and why does it matter?
Many foreign mutual funds are PFICs, which carry punitive tax and detailed reporting. We identify and properly report them to keep you compliant.
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Let's discuss the work you need.
Tell us about your situation, the records you have, and any deadlines. We will discuss the right scope and next steps before an engagement begins.