US CITIZENS AND RESIDENTS
Additional Reporting Requirements

Without even knowing it, 90 percent of US citizens and residents who move out of the United States have additional reporting requirements such as:

"Report of Foreign Bank and Financial Accounts" outlining to the United States Department of the Treasury the number of foreign accounts, the maximum balance and each account number every year..

Reporting of gifts from non resident aliens.

Setting up or benefiting from foreign trusts.

Annual returns reporting ownership or significant shareholdings in a foreign company.

Annual returns reporting foreign partnerships.

This is by no means an exhaustive list, there are many more situations where you may be required to file additional forms with the IRS. Failure to comply may result in stiff penalties such as a fixed $10,000 penalty for failure to disclose a foreign bank account, 35 percent of the value of a trust fund or at least theoretically a prison sentence.

Fortunately our experience means we’ll notice and can identify any possible issues and reporting requirements and can prepare most necessary filings. So you’ll get both peace of mind and full compliance with the IRS.