Last week's presidential debate and discussion surrounding President Trump's Chinese bank account conjured up many questions regarding reporting requirements for foreign accounts. Coincidentally, the U.S. Treasury's Financial Crimes Enforcement Network ("FinCEN") posted to its website on October 14, 2020, extending the deadline to report such bank accounts and briefly threw the accounting world into a frenzy. Here’s what happened…
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By: Stephanie Otake, CPA
Most of us are familiar with the email scam naming us as the beneficiary to a wealthy foreign relative’s fortune. But, have you ever stopped to think, what if this happened for real and a known foreign relative bequeathed to you a piece of their estate? Gifts and inheritances from abroad can raise several tax compliance issues. Generally, no tax is due; however, there are exceptions.
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