Based on specific facts and circumstances, you may have additional filing obligations beyond your basic income tax return, including but not limited to:

• Foreign “Outbound” taxes
  • Report of Foreign Bank and Financial Accounts (FinCEN Form 114, “FBAR”);
  • Ownership of or an officer relationship with respect to certain foreign corporations (Form 5471);
  • U. S. transferor of property to a foreign corporation (Form 926);
  • U. S. person with an interest in a foreign trust (Forms 3520 and 3520-A);
  • U. S. person with interests in a foreign partnership (Form 8865);
  • U. S. person with interests in a foreign disregarded entity (Form 8858); or
  • Statement of specified foreign assets (Form 8938).
• Foreign “Inbound” taxes
  • Foreign-owned U.S. corporation or domestic disregarded entity (Form 5472);
  • Foreign corporation engaged in a U.S. trade or business (Form 5472);

The foreign reporting requirements are very complex. If you have any questions regarding the application of the reporting requirements for your foreign interests or activities, please ask us and we will respond in writing.

Virtual currency 

The IRS considers virtual currency (e.g., Bitcoin) as property for U.S. federal income tax purposes. As such, any transactions in, or transactions that use, virtual currency are subject to the same general tax principles that apply to other property transactions.

If you had virtual currency activity during the tax year, you may be subject to tax consequences associated with such transactions and may have additional reporting obligations. You agree to provide us with complete and accurate information regarding any transactions in, or transactions that have used, virtual currency during the applicable tax year.

Disclaimer: Only advice that is in writing may be relied upon. We assume no liability for penalties associated with the failure to file or untimely filing of any of these forms.