Timothy Sumer

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 ) LEARN MORE ABOUT: Qualified Retirement Plans REVE...