How to Fill Out FBAR (Foreign Bank Account Report)
The FBAR is filed by US persons that have an ownership interest or signature authority over foreign financial accounts.
IRS Form 8938 – Reporting Specified Foreign Financial Assets
The IRS Form 8938 is used to report ownership interest in foreign financial assets by U.S. taxpayers. This article and video tutorial review a sample filing for a U.S. taxpayer in the 2020 tax year.
Different Types of Taxpayer ID Numbers
There are many different types of tax ID numbers that serve a variety of different purposes. This article examines the most common tax identification numbers and their similarities and differences.
Does a US Bank Account Make You Liable for US Income Taxes?
Many nonresidents of the United States often open bank accounts with U.S. based financial institutions. A common question and concern is what impact, if any, does that have on the individual's US tax obligations. This article covers the basics of nonresident taxation and whether US bank accounts create any tax liability.
Foreign Bank Accounts for US Persons – What Do You Need to Know?
When a U.S. person opens a foreign bank account, the U.S. person may have some additional tax filing and reporting obligations. This article and video discuss those issues for U.S. persons.