Foreign asset reporting deadline is June 30.
Foreign asset reporting scares me to death because the penalties are so large. They start at $10,000 and go up from there. There is no tax associated with the filing, but the IRS is apparently convinced that U.S. citizens are hiding assets overseas. They are not fooling around. They are very serious and the penalties are enormous, sometimes exceeding $100,000.
Foreign asset reporting is required if you have assets in foreign accounts. We need info well in advance of the deadline. We cannot extend the foreign asset reporting.
Two forms have to be filed. Penalties are for filing late or failing to file. If you have no assets in foreign countries, you don’t have to file. But if the IRS ever determines you had assets that should have been reported, the penalties will come down hard and heavy.
If you do have assets in foreign countries, all you have to do is file.
You can also find the organizer on the web site on Client Tool Box.
Here’s a link that explains what needs to be reported and what doesn’t.
http://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements
bizztrategy @ Ellis CPA 