US Tax Expats & Foreign Accounts: US Tax Compliance Implications | FBAR Tax Lawyer California
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 Santa Monica, California. As you know, our theme for these vlogs is ‘US Citizens Living Outside of the United States’. If you move outside of the United States for work, there’s a pretty good chance that you may acquire a foreign pension account. It may seem innocent at first; it may seem as if everyone else is doing it but you have to be aware of the fact that foreign pension accounts can spell big trouble for US tax compliance. Not only could these pension accounts be taxable in the United States, but they may have special filing requirements because they could be considered foreign trusts, grantor trusts or non-grantor trusts, and all of these can trigger special US Information returns. I’ll be talking about US Information returns in another vlog but for now, you have to be aware (of) these potential requirements and noncompliance with these requirements can draw significant penalties. Again, this is an issue of income tax compliance and US Information tax compliance.
If you would like to learn more about your obligations with respect to foreign pension accounts you can call met at (952) 500-8159 or you can email me at [email protected]
Thank you for watching, until the next time.
