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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) or $100,000 for joint filers on the last day of the ...
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 ...
A Swiss annuity is considered a foreign financial account and reportable to the U.S. Department of Treasury each year by filing Form TD F 90-22.1 (the "FBAR"). Further, a Swiss annuity generally is considered a specified foreign financial asset, which must be reported annually using IRS Form 8938 assuming the value is above certain thresholds.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
On March 27, 2023, the IRS put out a news release as part of its Dirty Dozen series. This release cautioned taxpayers to avoid shady tax professionals and offered tips on how to find the right tax ...
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 ...
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