A Primer on Reporting Foreign Interests
If you have foreign interests, financial or otherwise, you likely have domestic reporting requirements, and the failure to correctly report could lead to substantial penalties. Over the past 15 years, the Treasury Department has increased their scrutiny of foreign financial interests. Due in part to the increased compliance campaigns, filings reporting interest in foreign financial accounts alone rose from 280,000 to over one million in 2015.[1] Gone are the days of parking money in an offshore bank account with no fear that Uncle Sam will find out. Indeed, beginning in 2010, UBS and other major international banks began disclosing the …