Overseas yet still overseen

If you’re a US citizen or a Green Card holder living outside the US and owning or investing in a foreign company, you may face additional IRS filing obligations that aren’t always obvious. Failure to comply can have serious consequences. But with our guidance, you’ll stay compliant, avoid double taxation, and protect your interests.

Your IRS obligations at a glance

We take the time to understand your story and answer your questions. But here’s a clear outline of the IRS’s key filing requirements – and the risks of non-compliance – when you’re invested in foreign companies.

Form 5471: Information Return of US Person with Respect to Certain Foreign Corporations

• Required if you’re a US citizen or Green Card holder with 10%+ shares in a non-US company.
• Disclose your shareholding, plus the company’s year-end balance sheet and profit & loss.
• Due by 15 April for the previous year, with a 6-month extension available.
• Penalties: up to $10,000 for late or inaccurate filings.

Form 8938: Statement of Specified Foreign Financial Assets

• Required if you hold foreign assets over $200,000 at year-end (or $300,000 at any point). Thresholds vary for joint filers.
• Includes investments, pensions, and company bank accounts you control. Property is excluded.
• Due by 15 April for the previous year, with a 6-month extension available.
• Penalties: $10,000 for non-filing, plus $10,000 per 30 days after notification (up to $60,000).

FinCEN (FBAR) Report of Foreign Financial Accounts

• Required if your combined non-US financial accounts exceed $10,000 at any time during the year, including business accounts.
• You must report specific details of all qualifying accounts.
• Due by 15 April for the previous year, with a 6-month extension available.
• Penalties: up to $10,000 for non-wilful failures; wilful violations can incur fines up to $100,000 or 50% of account balances, with possible criminal consequences.

Precision you can trust

No matter how complex your business interests – in the US, the UK, or both – we’ll ensure your returns are accurate, efficient, and fully compliant. With step-by-step guidance, you stay in control with the minimum of fuss.