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ARTICLE · 01 JULY 2013

Study Money Abroad: Learn Your Foreign Financial Activity Reporting Requirements

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The filing requirements related to foreign investments, bank accounts, assets, or transactions have increased over time, as have the penalties for noncompliance.

United StatesAccounting and Audit
Sheena Curtis
Sheena Curtis

The filing requirements related to foreign investments, bank accounts, assets, or transactions have increased over time, as have the penalties for noncompliance. US individuals and businesses participating in foreign activities could be subject to several different reporting obligations.

FATCA, the Foreign Account Tax Compliance Act, was designed to improve tax compliance involving foreign financial assets and offshore accounts. If you're like many people, you may not realize how many of the various filings could apply to you, your businesses, or your investments.

Our Foreign Financial Activity Reporting Requirements Table is intended as an overview of the various filings that could apply to US filers. This table is not all inclusive and should be used as a starting point for identifying potential filing obligations.

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