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2. Here’s why the IRS would want to audit your taxes - AOL

   www.aol.com/finance/why-irs-want-audit-taxes...

   Updated January 11, 2023 at 6:16 AM. ... You must file Form 8938 if the total value of your foreign assets is more than $50,000) for single taxpayers or those married filing jointly) ...

3. Foreign Account Tax Compliance Act - Wikipedia

   en.wikipedia.org/wiki/Foreign_Account_Tax...

   The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the United States Department of ...

4. 5 red flags that can trigger a tax audit from the IRS - AOL

   www.aol.com/finance/5-red-flags-trigger-tax...

   Those earning $5,000,000 to $10,000,000 saw an audit rate of 4.2%, while those making above that threshold saw the highest rate of 6.7%. ... you must fill out Form 8938, ...

5. Bank Secrecy Act - Wikipedia

   en.wikipedia.org/wiki/Bank_Secrecy_Act

   It is identified as FinCEN Form 114 (formerly Treasury Department Form 90-22.1). [ 9 ] [ 10 ] Additionally, they must report the interest or dividend income from the accounts on Schedule B of the Form 1040 tax form and, if a higher threshold is exceeded, also report the amounts and interest on Form 8938.

6. International taxation - Wikipedia

   en.wikipedia.org/wiki/International_taxation

   [140] [141] U.S. citizens abroad, like U.S. residents, are defined as "U.S. persons" and thus are also subject to various reporting requirements regarding foreign finances, such as FBAR, FATCA, and IRS forms 3520, 5471, 8621 and 8938. The penalties for failure to file these forms on time are often much higher than the penalties for not paying ...

7. What Do You Need To File Taxes? A List of All the Documents ...

   www.aol.com/finance/file-taxes-list-documents...

   Tax filing can feel like a never-ending stack of paperwork — especially if you find yourself digging for documents as you try to work through your return. Having a checklist and preparing your ...