Foreign Reporting Quick Guide
Our firm supports many international clients as well as clients with international activity. The guide below outlines the different form types and purposes behind each.
|Foreign Bank and Financial Accounts (FBAR)||114||A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. This can be filed with the individual tax return through Proseries for a separate fee.||Same as Individual Tax Deadline|
|Foreign Account Tax Compliance Act (FATCA)||8938||You have to file Form 8938 if a specified foreign financial asset you own directly has a total aggregate value of $50,000.||Same as Individual Tax Deadline|
|Double Taxation Credit||1116||The United States is a party to tax treaties designed to prevent double taxation of the same income by the United States and the treaty country. Certain treaties allow a U.S. citizen an additional credit for part of the tax imposed by the treaty partner on U.S. source income. This is the foreign income credit, unused portions carryforward.||Same as Individual Tax Deadline|
|Foreign Earned Income Exclusion||2555||If you’re an American working and living overseas this form lets you claim the Foreign Earned Income Exclusion, which (if you qualify for it) can reduce the income by the exclusion. $105,900 for 2019$107,600 for 2020 $108,700 for 2021 $112,000 for 2022||Same as Individual Tax Deadline|
|Information Return of U.S. Persons With Respect To Certain Foreign Corporations||5471||Certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations file Form 5471 and schedules to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.||June 15th|