17-12-2010 - New IRS reporting requirement - a burden for overseas Americans
The IRS has drafted a new form to be filed with your tax declaration which, similar to Treasury form TD F 90-22.1, requires all U.S. persons to report all foreign financial assets if the aggregate value at any time during the year exceeds $50,000 (around 37,000 euros).
The IRS estimates that 350,000 people will be affected by this form. This does not take into consideration the 5 million Americans living and working overseas for whom foreign financial assets (i.e. checking accounts, loans, savings accounts, etc.) are both necessary and a normal part of their daily lives. It is also estimated that filling out the form will take approximately one hour. This would appear to underestimate the amount of time to be required by overseas Americans to report the dollar equivalent of all their investment in foreign banks, financial institutions, foreign stocks, securities, contracts or other foreign financial instruments
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