Hello, welcome to Financial Insider Weekly. I'm your host, Michael Gray, CPA. My guest today is David Howard, a tax attorney with Hogue Fenton Jones and Appel in San Jose. He has been both a lawyer and CPA for over 40 years and has now become an inactive CPA. He retired from Deloitte LLP, where he was a tax partner for over 20 years. At Deloitte, he developed tax strategies for multinational corporations, Silicon Valley startups, family corporations, corporate executives, and wealthy individuals. Many of his former clients have returned to practice, so he transitioned from accounting to law. He has taught extensively, including at the California CPA Society, New York University Tax Institute, San Jose State Masters in Taxation program, and more. In recent years, David has been working mostly with people on straightening out problems related to offshore financial accounts, trusts, gifts, and foreign sources. He deals with many well-meaning individuals who have not filed these forms on time and are now faced with large penalties. In another program, we talked about what to do if you've already made a mistake. Now, we're going to talk about how to handle foreign accounts to keep your record clean. Dave, there are a lot of people who think that having a foreign bank account is suspicious, especially after it was disclosed that Mitt Romney had an account in Bermuda. However, there is nothing wrong with having a foreign bank account. In fact, with the global economy, many people have business interests all over the world. As a US taxpayer, you must report all your worldwide income to the IRS. This is different from most other countries. The IRS wants to know about any foreign bank accounts you have and requires disclosure on your 1040 Schedule B. They also want to...
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Video instructions and help with filling out and completing Why Form 3520 Assets
