Foreign Assets & International Tax Reporting

FOREIGN ASSETS & INTERNATIONAL TAX REPORTING

FBAR, Form 8938, Form 5471, and the other international forms — prepared by a CPA who works with them every season.

If you are a U.S. citizen or resident, the IRS taxes your worldwide income and expects you to report many kinds of foreign accounts, companies, and gifts — even when no tax is owed. These information returns carry some of the largest penalties in the tax code, and they are easy to miss. At Victoria Bogdanovich CPA, international reporting is one of our specialties. We prepare your personal return together with every foreign form it needs, so nothing is left out and everything matches.

Who this is for

• U.S. citizens and green card holders with bank, brokerage, or pension accounts abroad
• Owners or officers of a foreign company (Form 5471), foreign partnership (Form 8865), or foreign single-member company (Form 8858)
• Investors in foreign mutual funds or ETFs, which are often treated as PFICs (Form 8621)
• People who received a large gift or inheritance from a family member abroad (Form 3520)
• Owners or beneficiaries of a foreign trust (Forms 3520 and 3520-A)
• New U.S. residents with assets in their home country

What we handle

• FBAR (FinCEN Form 114) — required when your foreign accounts together exceed $10,000 at any time during the year
• Form 8938 — reporting of specified foreign financial assets above thresholds that depend on your filing status and where you live
• Form 5471, 8865, and 8858 — annual reporting of foreign corporations, partnerships, and disregarded entities, including the income they can pass through to you
• Form 8621 (PFIC) — foreign funds and the elections that can reduce their tax cost
• Forms 3520 and 3520-A — foreign gifts, inheritances, and trusts
• Foreign tax credit — avoiding double tax on income already taxed abroad
• Foreign rental property and foreign pensions — U.S. reporting and currency conversion

Why it matters

The penalties are per form, per year. A missing Form 5471, for example, can carry a $10,000 penalty for each year it should have been filed — even if you owe no tax. FBAR penalties can be higher.

A missing form can keep your whole return open. When certain international forms aren’t filed, the IRS’s time limit to examine your return may not start running, so a mistake from years ago can still be reviewed.

Foreign funds are taxed differently. A mutual fund that is ordinary in your home country can be a PFIC in the U.S., with complex reporting and a much higher tax cost if no election is made.

Your home country’s documents don’t match U.S. forms. Foreign statements use different tax years, currencies, and categories. We translate them into what the IRS needs.

Behind on your filings?

If you have unfiled FBARs or international forms from earlier years, there are IRS procedures that may reduce or eliminate penalties — but the right path depends on your facts, and the order of steps matters. These situations start with a paid Initial Consultation, so we can review your history before anything is filed.

How it works

1. Check your fit — about 1 minute. Answer a few questions and see your starting fee.
2. Create your client portal account and complete our Client Application.
3. Meet with us — free Tax Discovery meeting. Upload your last two years of returns at least 24 hours before the meeting so we can discuss an estimated fee range on the call.
4. Receive your engagement package with your estimated fee and scope of work. Work begins once you sign.

Starting price

Personal return with foreign accounts or foreign income: starting at $3,500.

Returns with Form 5471, 8865, 8858, PFICs, foreign trusts, or several countries are quoted after we review your last two years of returns, and are typically higher. Late or unfiled international filings begin with a paid Initial Consultation. Your engagement package sets out your estimated fee and what it covers. Work outside that scope is billed separately.

See your starting fee

Frequently asked questions

I only have a savings account in my home country. Do I need to report it?
If the total of all your foreign accounts was more than $10,000 at any point during the year, you generally need to file an FBAR, and you may also need Form 8938. Interest earned on the account is taxable in the U.S. as well.

When is the FBAR due?
April 15, with an automatic extension to October 15. It is filed electronically with FinCEN, separately from your tax return — we prepare and file both.

I own part of a company abroad. What do I need to file?
Depending on your ownership percentage and role, you may need Form 5471 every year, and some of the company’s income may be taxable to you even if it isn’t distributed. We’ll review the company’s financial statements and ownership to determine what applies.

My parents sent me money from abroad. Is that taxable?
A gift from a foreign individual is usually not taxable, but gifts and inheritances above $100,000 in a year must be reported on Form 3520. The penalty for missing it can be significant.

Will I pay tax twice on income taxed in another country?
Usually not. The foreign tax credit and, for people living abroad, the foreign earned income exclusion can reduce or eliminate double tax. We choose the approach that works best for your situation.

Why is the starting price higher than for other returns?
International returns involve more forms, foreign documents, currency conversion, and penalty risk. The price reflects the time it takes to prepare them correctly and the experience needed to do so.

Ready to see where you fit? Take the 1-minute fit check or see our pricing and how it works.