Compliance for U.S. "Persons" with Foreign Financial Obligations
If you are a U.S. citizen or tax resident with foreign bank accounts, investments, businesses, or income sources, you must file additional IRS reports — including foreign account reports, foreign asset disclosures, and other required filings.
How would you like to proceed?
Overview
Our Foreign Compliance Package ensures you meet all reporting obligations while minimizing unnecessary tax burdens.
Work with our team, to ensure your Tax Returns are handled properly!
Who Benefits from this Compliance Package?
U.S. Tax Residents with Foreign Bank Accounts
Anyone with $10,000 or more in total foreign accounts who must file an annual foreign account report.
U.S. Investors in Foreign Assets
Those with foreign stocks, funds, or crypto holdings subject to foreign asset reporting requirements.
U.S. Taxpayers with Foreign Income
Anyone earning foreign wages, rental income, dividends, or business income.
U.S. Business Owners with Foreign Interests
Those with ownership stakes in foreign corporations, partnerships, or trusts.
Why Choose Ongoing Compliance?
- Avoid Massive IRS Penalties: Failing to report foreign accounts or assets carries penalties starting at $10,000 per account — and significantly higher for asset disclosures.
- Stay Compliant with IRS & Treasury Reporting: Ensure you meet all reporting requirements for foreign income and assets.
- Foreign Tax Credit & Treaty Optimization: Reduce double taxation by using treaty benefits and foreign tax credits.
- Comprehensive Coverage for Global Investors & Expats: Support for foreign investments, property ownership, and international business activities.
Client Scenarios: How This Package Helps
Scenario 1: U.S. Resident with Offshore Bank Accounts
A U.S. taxpayer holds accounts in Swiss and Singaporean banks. We file all required foreign account and asset reports, keeping them fully compliant with U.S. Treasury and IRS requirements.
Scenario 2: U.S. Investor in Foreign Stocks & Crypto
A U.S. citizen invests in European stock markets and offshore crypto exchanges. We handle foreign income reporting, required asset disclosures, and tax treaty optimization.
Scenario 3: U.S. Business Owner with a Foreign Corporation
A U.S. entrepreneur owns 25% of a Canadian business. Solution: We ensure Form 5471 & foreign tax credit compliance, reducing unnecessary tax exposure.
Who This Compliance Package is NOT for:
U.S. Taxpayers with Only Domestic Accounts
If you do not own or control foreign accounts, businesses, or income sources, this package is not needed.
Foreign Nationals Without U.S. Tax Obligations
If you are a non-resident alien without U.S. filing obligations, this does not apply.
U.S. Companies Without Foreign Holdings
If your business operates entirely in the U.S., check out our Local Company package.
Our U.S. Foreign Compliance Package covers:
Foreign Bank Account Report (FinCEN 114)
Required for U.S. persons with foreign accounts exceeding $10,000.
Foreign Asset Disclosure (Form 8938)
Required for foreign financial assets exceeding IRS thresholds.
Form 5471 (Foreign Corporation Ownership Reporting)
Mandatory for U.S. persons with 10%+ ownership in a foreign business.
Form 8621 (Passive Foreign Investment Company)
Required for U.S. persons investing in foreign mutual funds, ETFs, or certain stock holdings.
Form 3520/3520-A (Foreign Trust & Gift Reporting)
Required for U.S. persons receiving foreign gifts, trusts, or inheritances.
Foreign Tax Credit & Treaty Planning
Reduces double taxation by applying foreign tax credits & U.S. treaty benefits.
Our Simple 4-Step Compliance Process:
1. Assess Foreign Assets & Income
We review your foreign accounts, investments, and income sources.
2. Data Collection & Tax Strategy
We gather required tax documents and develop a tax-efficient strategy.
3. IRS Compliance & Treasury Filings
We file all required foreign account reports, asset disclosures, and IRS forms.
4. Ongoing Support & Tax Optimization
We ensure year-round support and long-term compliance strategies.
Frequently Asked Questions
Do I need to report my foreign bank accounts?
If you are a U.S. taxpayer with more than $10,000 in combined foreign accounts at any point in the year, you are required to file an annual foreign account report with the U.S. Treasury.
How is foreign asset reporting different from the foreign account report?
The foreign asset disclosure (Form 8938) covers a broader set of assets than the foreign account report — including foreign stocks, funds, and investment accounts — and is filed with your tax return rather than separately.
What are the penalties for missing foreign account or asset reports?
Penalties for missing foreign account reports start at $10,000 per account per year. Missing foreign asset disclosures can carry penalties above $50,000. Both are avoidable with proper filing.
Do I need to report foreign crypto holdings?
Yes, crypto assets held on foreign exchanges or in foreign wallets may require both a foreign account report and a foreign asset disclosure.
Related Solutions
U.S. Expat Compliance
As a U.S. citizen or Green Card holder, you are required to file U.S. tax returns regardless of where you live. Expats and digital nomads must comply with IRS rules — including income exclusions, foreign tax credits, foreign account reports, and asset disclosure filings.
U.S. Resident Tax Returns
If you are a U.S. citizen, Green Card holder, or tax resident, you are required to file annual federal and state tax returns regardless of where your income is earned.
Resident-Owned Foreign Entity
If you're a U.S. citizen, Green Card holder, or U.S. tax resident with an ownership stake in a foreign business, you must comply with strict IRS reporting rules to avoid penalties. Whether your company is an offshore corporation, foreign partnership, or a controlled foreign corporation, you are subject to additional IRS taxes and reporting requirements.