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International Information Reporting Center
U.S. taxpayers with foreign bank accounts, foreign companies, partnerships, trusts, gifts or investment funds often have reporting obligations even when no tax is owed. This center maps each filing — FBAR, Form 8938, 5471, 8865, 8858, 8621, 3520 and 3520-A — to the situations that trigger it and the penalties for missing it.
Key questions
- Who has to file an FBAR?Usually, a U.S. person must file an FBAR if they have a financial interest in, or signature or other authority over, foreign financial accounts whose combined value exceeds $10,000 at any time during the calendar year. The threshold applies across accounts, not separately to each account. Exceptions exist, and the FBAR is separate from an income tax return.
- When is the FBAR due, and can it be extended?The FBAR is generally due April 15 following the calendar year being reported. An automatic extension to October 15 is available without submitting an extension request. This is a separate filing calendar from your federal income tax return, and special official relief may affect a particular deadline.
- Do I need to file an FBAR for an account I only have signature authority over?Usually, yes, if you are a U.S. person and the combined value of your reportable foreign accounts exceeds $10,000 at any time during the calendar year. Signature or other authority can require an FBAR even when you do not own the funds or receive income. Specific exceptions exist for certain officers and employees, but an employer’s account is not automatically exempt.
- Do foreign companies owned by U.S. taxpayers need to be reported?Usually, yes, but the required report depends on the company’s U.S. tax classification, your ownership, and other facts. Certain U.S. officers, directors, and shareholders of foreign corporations must file Form 5471. A foreign partnership or disregarded entity may require a different form, and some owners can owe current U.S. tax even without a distribution.
- I moved to the U.S. and still own my foreign company. What changes?It depends: becoming a U.S. tax resident generally brings your worldwide income into the U.S. tax system and can create foreign-company reporting obligations. If your business is classified as a foreign corporation, Form 5471 and current income inclusion rules may apply. The residency start date, ownership structure, and first-year elections matter; simply leaving the company abroad does not keep it outside the analysis.
- Does a U.S. person in a foreign partnership need to file Form 8865?It depends: Form 8865 applies to certain U.S. persons who control a foreign partnership, hold specified interests, contribute property, or have reportable ownership changes. It is not required merely because every U.S. investor owns any small foreign partnership interest. Confirm the entity’s U.S. classification and all applicable filing categories before deciding.
- Is my foreign company a corporation, partnership or disregarded entity for U.S. tax purposes?It depends: U.S. entity-classification rules, not just your company’s foreign legal name, determine the answer. Certain foreign entities must be treated as corporations, while other eligible entities follow default rules or can make a valid Form 8832 election. For eligible foreign entities, the number of owners and whether they have limited liability are central to the default classification.
- Do I have to report a gift or inheritance from someone abroad?It depends: a U.S. person generally must report gifts or bequests totaling more than $100,000 from a nonresident alien individual or foreign estate during the year on Form 3520. That threshold is fixed, not inflation-adjusted; purported gifts from foreign corporations or partnerships have a separate, inflation-adjusted threshold. A genuine gift or inheritance generally is not federal taxable income to the recipient, but reporting can still be required.
- What must a U.S. beneficiary of a foreign trust report?Usually, a U.S. beneficiary who receives a distribution from a foreign trust must report it on Form 3520, even if no income tax is ultimately due. Direct and indirect distributions, certain loans and uncompensated use of trust property can fall within these rules. Tax treatment depends on the trust’s classification, its income history and the documentation provided.
- Is my foreign mutual fund or ETF a PFIC?Usually, a mutual fund or ETF organized outside the United States and classified as a foreign corporation is a passive foreign investment company, or PFIC. The tests look at the corporation’s passive income and assets, not the fund’s marketing name or the currency you use. U.S. investors may face Form 8621 reporting and unfavorable tax treatment unless a different regime or exception applies.
- When do I have to file Form 8621?Usually, a U.S. person holding PFIC shares must consider Form 8621 each year, even without a sale or cash distribution. Filing can be required for annual information reporting, distributions, dispositions, certain elections or reporting under an existing election. Exceptions are specific and may excuse only annual information reporting, not a separate transaction-based filing obligation.
Forms to know
Penalties and relief
Comparisons
Terms explained
In-depth articles
FBAR vs. Form 8938: What Is the Difference?
I Missed Forms 5471, 5472, 3520 or 8938. What Penalties Apply and Is Relief Available?
Foreign Bank Accounts: Understanding FBAR and Form 8938
Why Foreign Investment Funds Create Difficult U.S. Tax Problems
Received Money or Property From Family Abroad? What the IRS Expects
Your Family Set Up a Trust Abroad. What Does the IRS Require of You?
Owning a Foreign Corporation as a U.S. Taxpayer: Form 5471, CFCs & GILTI
Foreign Rental Property: U.S. Tax, FBAR & Reporting Requirements
I Never Filed FBARs or Reported Foreign Income. How Do I Get Compliant?
Tax cases
A U.S. Taxpayer Moved Overseas During the Year. How We Analyzed the Foreign Earned Income Exclusion
A Client Had Foreign Bank Accounts but Never Filed an FBAR. What Happens Next?
Foreign National Moved to the U.S. and Didn't Know Worldwide Income Became Reportable
U.S. Resident Owned a Foreign Corporation but Never Filed Form 5471
American Living Abroad Had Not Filed U.S. Tax Returns for Several Years
New U.S. Resident Owned Foreign Mutual Funds and Didn't Know About PFIC Rules
U.S. Taxpayer Received a Large Gift From Parents Overseas
Foreign Bank Accounts Were Reported on FBAR but Form 8938 Was Missed
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