International Financial Reporting Requirements

Congress has implemented additional reporting requirements with respect to certain foreign activities.

The Report of Foreign Bank and Financial Accounts (FBAR) requires taxpayers with an interest in, or signature authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during the calendar year to the file FinCEN Form 114.

In addition, the Foreign Account Tax Compliance Act (FATCA) requires taxpayers to report their financial interest in certain specified foreign financial assets by using Form 8938, which is attached to and submitted with an individual taxpayer Form 1040.