With the US government still moving full steam ahead on enforcing matters involving foreign bank and financial account reporting (FBAR), it is important for taxpayers who may have an FBAR filing requirement to have a basic understanding of what types of foreign financial assets are reportable on FinCEN Form 114 ("FBAR"). One very common type of foreign account is a foreign pension/ retirement account . For example, a taxpayer may have an Australian Superannuation, a Singaporean CPF or a Hong Kong MPF. Since oftentimes, the value of these pension/retirement accounts may be substantial, it is important to understand whether or not these types of retirement accounts are reportable –– as well as whether US-based retirement accounts such as IRAs (that contain foreign assets) are reportable as well. Let’s go through the basics of FBAR reporting for US retirement and foreign retirement accounts.... ( read more )
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Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)