Foreign Bank Account Reporting Compliance Guide 2016

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Foreign Bank Account Reporting Compliance Guide 2016

If one owns or has authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust or some other type of financial account, he or she may be required to make an annual report of the account to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if the person has a financial interest in or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country and the aggregate value of all foreign financial accounts exceeds threshold amounts at any time during the calendar year. In addition, the Hiring Incentives to Restore Employment Act (HIRE Act), signed into law by President Obama in 2010, substantially incorporates the measures designed to stop tax evasion contained in the Foreign Account Tax Compliance Act (FATCA) of 2009. Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, which will be attached to their federal income tax return. This reporting is in addition to the foreign bank account report. The Form 8938 reporting is applicable to all specified persons who are considered to hold an interest in a specified foreign financial asset which meets the reporting thresholds. In December 2011, the IRS issued temporary (TD 9567) and proposed (REG-130302-10) regulations which provide guidance on the requirement that certain foreign financial assets be reported to the IRS for tax years beginning after March 2010. This requirement comes from Section 6038D which was added to the Internal Revenue Code under the HIRE Act.

About the Author

Melissa S. Gillespie, CPA, JD, MST, has her own law practice which is devoted to international taxation and includes estate and global wealth planning for high net worth, non-resident individuals, non-U.S. individuals working in the United States, and U.S. citizens working abroad. Over the past several years, she has worked extensively counseling and representing clients making voluntary disclosures to the IRS. Before practicing as an attorney, she worked as a certified public accountant for twelve years. During her career, she has worked for McGladrey & Pullen, LLP, Arthur Andersen, the Goldman Sachs Family Office, and Skadden, Arps, Slate, Meagher and Flom practicing in the field of both United States and international taxation. She is the past Chair of the New York State Society of Certified Public Accountants’ (“NYSSCPA”) International Taxation Committee.She is a member of the AICPA, the American Bar Association, and the New York State, New York City and Suffolk County Bar Associations. She is admitted to practice in New York and the Law Society of England and Wales. She has her Masters of Science in Taxation and is also a certified public accountant. Ms. Gillespie lectures frequently on Foreign Bank Account Reporting and has written various articles on this topic.

• Perfect Paperback: 680 pages
• Publisher: Cch Inc (1 October 2015)
• Language: English
• ISBN-10: 0808042181
• ISBN-13: 978-0808042181