Do I need to worry about offshore tax forms? | Tips from a CPA & Tax Attorney

If you’re someone in the U.S. with foreign assets, such as an offshore bank account or business activity, did you know that in many cases, you have to file foreign reporting forms with the IRS, even if you’re not a citizen?
Many people don’t, and it’s easy to get caught out! In this video, I will share some of the most common foreign tax forms, who they apply to, and what to know about each of these forms if you hold foreign assets.
In this video, we break down:
What offshore forms are required by the IRS
Who is required to file an offshore form
The penalties if you do not file a form you are required to
⏱ Timestamps ⏱
01:49 Form 2555 - Foreign Earned Income
03:27 FBAR - FinCEN Form 114
05:41 Form 8938 - FATCA
08:12 Form 5472 - Foreign Owned Corporation
09:48 Form 8621 - Passive Foreign Investment Company
11:53 Form 926 - Foreign Property Transfer
📖 Read more about offshore form requirements: gordonlaw.com/...
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