IRS Form 8865 Filing Guide: Simplify Your Foreign Partnership Tax Compliance
If you are a U.S. person with an interest in a foreign partnership, you might be staring at your tax requirements with a sense of confusion. International tax reporting is notoriously complex, and Form 8865 is often the source of that stress. You just want to ensure you are compliant, but the instructions can feel […]
What Is Form 8938? A Guide to Reporting Foreign Assets
If you hold financial assets outside the U.S., you might feel a spike of anxiety when tax season rolls around. That’s completely normal. International tax reporting is complex, and Form 8938 is often a source of confusion for many taxpayers. However, understanding the basics of this form can save you from costly mistakes and minimize […]
IRS Form 3520: What You Need to Know About Reporting Foreign Trusts, Gifts, and Inheritances
If you have any interests in a foreign estate or trust, or you receive a foreign gift, then you may need to complete IRS information return 3520. Formally known as the “Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts”, Form 3520 is how you disclose any interests you have […]
Your Guide to IRS Form 5471
Do you own part of a foreign corporation? Or do you have overseas business interests? Then you may be required to complete IRS Form 5471––the “Information Return of U.S. Persons With Respect to Certain Foreign Corporations”. While it’s not the longest or most complex IRS information return, it is challenging, and it’s crucial that you […]
Why Form 1099-DA Breaks Traditional Crypto Tax Software
Form 1099-DA is changing how crypto taxes are prepared, and most taxpayers are not ready for what that actually means. Many people assume their tax software will simply import the form and reconcile everything automatically. That assumption is likely wrong. The problem is not that tax software is broken. The problem is that Form 1099-DA […]
IRS Form 3520-A Annual Information Return of Foreign Trust With a U.S. Owner: How Does it Work?
Owning a trust can be a rewarding experience, but it does come with a large number of responsibilities. Aside from your fiduciary duties to any beneficiaries, you’re also responsible for disclosing your ownership to the IRS––and reporting on the trust’s financial activities. This is where IRS Form 3520-A, or “Annual Information Return of Foreign Trust […]