Practical International Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account Disclosures

International tax issues are becoming omni-present, even for individuals and small, medium or large companies that never had an inkling they would. This is the first in a series of courses on Practical International Tax Issues for Non-Specialists. This course’s focus is the:

1. Tax residency rules (individuals and corporations) under domestic law and treaty.
2. How those rules impact information disclosure requirements for foreign financial accounts (think FBAR / FinCEN 114 / Form 8938).
3. The requirements for reporting those foreign accounts.
4. Helpful hints.
5. What happens if you’re not in compliance and therefore have exposure. [The course briefly touches upon the concepts of Voluntary Disclosure, Streamlined Filing Compliance Procedures and Reasonable Cause filings; however, that is not the focus.]

Course Key Concept: Course Search Keywords, International Tax, Global tax, FBAR, Report of Foreign Bank and Financial Accounts, FinCEN, Financial Crimes Enforcement Network (FinCEN), 8938, Foreign financial accounts, Foreign bank accounts, Residency, Tax treaty, Tax treaties, Resident Alien, US citizen, Green Card, 183 days, Bank Secrecy Act (BSA).