Today’s headlines report that Presidential Candidate Mitt Romney is currently revising his federal ethics forms to report more than a half dozen offshore holdings (including foreign bank account information and trusts that were not disclosed on his previous year’s taxes) with the Office of Government Ethics.
Although Mr. Romney’s foreign holdings are in the millions, anyone who has foreign bank, financial or security accounts, is a beneficiary of a foreign trust, or has signature authority over a foreign financial account must file a “Report of Foreign Bank and Financial Accounts” form with the IRS.
Working with a reputable tax firm ensures that tax returns are as tax-efficient as possible and compliant with the latest tax laws. For assistance with your tax returns and to ensure you are FBAR compliant, please contact us at (866) 493-5400 today to schedule a complimentary initial consultation with one of our tax professionals.
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