An ever-growing number of businesses and individuals are going global. Familiarity with the U.S. tax forms that are necessary to properly disclose foreign assets and interests is thus paramount. Four critical forms – Foreign Bank Accounting Re-port (FBAR), 8938, 8621, and 3520 – are summarized, including applicable penalties.
K&D associate, Patrick J. McCormick, authored the following article, published here with permission, which was published in the Fall 2017 Pennsylvania CPA Journal. Mr. McCormick specializes in the areas of international tax and tax compliance.