Page 37 - Sotomayor CPAs Presentationt

Foreign-Related Information Reporting Requirements

Table of Contents

International Boycott Reports
Information Reporting for Controlled Foreign Entities

Information Reporting for Certain Foreign-Owned Corporations
Information Reporting for Certain Foreign Corporations Engaged in a U.S. Trade or Business

Information Reporting for Certain Transfers to Foreign Entities
Information Reporting for Certain Large Gifts from Foreign Persons

Information Reporting for Foreign Bank Accounts (FBAR) – Form 114
Reporting Requirement for Certain Foreign Financial Assets (FATCA Compliance)

Specified Persons Required to File - Form 8938
Filing Thresholds
Exceptions to Filing Requirement
No requirement to file where no annual U.S. tax return due
Exceptions from the reporting of certain assets under Code Sec.
Form 8938 Reporting Period
Persons Considered Having an Interest in a Specified Foreign Asset
Specified Foreign Financial Assets
Information Required to be Disclosed
Valuation Guidelines
Valuing specified foreign assets in general CALL US TO CONSULT
Valuing assets denominated in a foreign currency
Valuing financial accounts
Valuing other specified foreign financial assets
Special valuation rules for interests in foreign trusts
Special valuation rule for interests in foreign estates, pension plans, and deferred compensation
plans
Valuing jointly owned assets
Specified Domestic Entities
Penalties for Failing to Disclose Required Foreign Financial Information
Payments to Foreign Financial Institutions

Information Reporting Concerning Resident Status