Feed: Do I Have to Report Foreign Financial Transactions? - AggScore: 12.4
Summary: Do I Have to Report Foreign Financial Transactions?
The answer is yes. Under 31 U.S.C. § 5314 all US residents or citizens who engage in a transaction with foreign banks or financial institutions or who have a financial interest in securities or other financial accounts in foreign countries must report the transaction or the financial interest to the federal government. For this, the Treasury [...]
Do I Have to Report Foreign Financial Transactions?
The answer is yes. Under 31 U.S.C. § 5314 all US residents or citizens who engage in a transaction with foreign banks or financial institutions or who have a financial interest in securities or other financial accounts in foreign countries must report the transaction or the financial interest to the federal government. For this, the Treasury Form TDF 90-22.1, (Report on Foreign Bank and Financial Accounts) has to be filed. If you file the form, you must also report this on your tax returns and file IRS Form 4683 with the return. If you have legal issues because of failure to report a financial transaction, contact our New York City criminal defense firm at 212-577-6677.
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