What happens if you fail to report foreign assets and accounts?

| Aug 4, 2020 | Tax Law |

If you hold a foreign financial account, United States law requires that you report the account, not only on your income tax return, but also in an annual foreign bank account report, or FBAR.

You could face serious legal consequences if you do not report the foreign accounts.

In addition to the FBAR, you may need to file IRS Form 8938, with your annual income tax return.

Failure to report your foreign financial accounts can be a crime.

Protecting yourself

Consulting an international tax attorney can help you consider your options for moving forward.

Bradford Randolph is an attorney, and a certified public accountant, with experience in both U.S. and international legal and accounting matters.