Obligation to Report Foreign Account to the IRS is Universal | US International Tax Attorney Mexico

Hello and welcome to Sherayzen Law Office video blog. My name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.

Today, I’m continuing my series of vlogs from Alvarado, Mexico. In the first part of this series, I’m focusing on debunking various myths that exist concerning US obligations of Mexicans who reside in Mexico and one of the most popular myths is what I call ‘The Big Fish Myth’.

‘The Big Fish Myth’ is basically a belief that only people who are multimillionaires and multibillionaires need to disclose their foreign accounts and foreign income to the IRS. This is completely wrong.

While the extent of your tax reporting obligations may be affected by the amount of assets that you have, if you have assets outside of the United States and if you have income outside of the United States, you must disclose it.

Your worldwide income obligations are not affected by the fact that you have $1,000 of foreign income or you have 1,000,000 of foreign income; you still must report it. Your obligations may change in number and intensity but the basic obligation to disclose foreign assets to the IRS and disclose foreign income on your US tax returns remains unchanged.

Thank you for watching, until the next time.