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Reporting Foreign Retirement Plans On Required Information Returns

By Usman Mohammad
The CPA Journal
February 2020 Edition

Foreign asset reporting—including the reporting of foreign retirement plans—is a high priority for the IRS, which in 2019 listed the “failure to report offshore funds” as one of its “Dirty Dozen Tax Scams,” and has done so for several years running. Individuals with assets in foreign retirement plans, as well as their tax advisors, should become familiar with the various U.S. information reporting forms that may need to be filed to report those plans. This article provides information about different types of foreign retirement plans, the Department of Treasury forms used to report them, and the consequences of failing to do so.