Tax
Aug. 5, 2010
Reporting Your Foreign Bank Account
Gone are the days of hiding funds in foreign bank accounts. Are you compliant with Internal Revenue Service regulations?
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If you are a citizen or resident of the U.S. you must report worldwide income on your federal income tax return. That includes foreign earnings, wages, interest, dividends, and more. If your income is taxed abroad, you might be entitled to a foreign tax credit, but you still must report it to the Internal Revenue Service.
Plus, you must tell the IRS if you have foreign bank accounts exceeding $10,000 at any time during the year - Form 1040 asks (on Schedule B) if you have a finan...For only $95 a month (the price of 2 article purchases)
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