Foreign Account/Gift Reporting

As a U.S. resident, consider whether you may be impacted by the rules that state that you have a separate filing requirement if you:

1. receive aggregate foreign gifts, bequests or inheritances during the calendar above US$100,000, or
2. have an interest in or signature authority over foreign accounts of an aggregate value of US$10,000 or more at any time in the year,

Failure to disclose these properly could result in very significant financial penalties being imposed (even when no tax is due).

What is non-taxable may still be reportable. Recent years have seen a notable rise in reporting requirements in many areas of law relevant to the migration of people and finances. It is clear that global tax and other authorities are increasingly more sophisticated in the sharing of information. We can assist clients in identifying and fulfilling their reporting requirements relative to their existing arrangements in order to avoid unnecessary exposure.

Call us today at 914-214-5579 or contact us online to discuss your options.