When filing FBAR, you must convert foreign currency balances to U.S. dollars. Using the wrong exchange rate is a common mistake that can cause reporting errors. Here’s exactly
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Delinquent FBAR Submission Procedures: Step-by-Step Guide
If you’ve missed FBAR filings but all your foreign account income was properly reported on your tax returns, you may qualify for the IRS delinquent FBAR submission procedures.
FBAR vs Form 8938: Key Differences Explained
Both FBAR and Form 8938 require reporting foreign financial accounts. But they go to different agencies, have different thresholds, and cover different assets. Many taxpayers need to file
FBAR Deadline 2026: Filing Dates & Automatic Extension
If you have foreign financial accounts, the FBAR deadline is one date you can’t afford to miss. The good news: there’s an automatic extension that gives you extra
Form 8865 Constructive Ownership Rules: Section 267(c) Attribution Explained
Last Updated: January 2026 | International tax CPA firm with Big Four experience Key Takeaways Constructive ownership determines if you meet 10% or 50% Form 8865 thresholds Uses Section 267(c) rules (excluding
Section 721(c) Partnerships: Form 8865 Schedule G and H Requirements
Last Updated: January 16, 2026 | International tax CPA firm with Big Four experience Key Takeaways Section 721(c) applies to partnerships formed on or after January 18, 2017 Triggered when a
Form 8865 Schedule K-2 and K-3: International Tax Reporting Requirements
Last Updated: January 16, 2026 | International tax CPA firm with Big Four experience Key Takeaways Schedule K-2 reports partnership-level international tax items Schedule K-3 reports each partner’s share of K-2
Form 8865 vs Form 1065: Key Differences Explained
Last Updated: January 16, 2026 | International tax CPA firm with Big Four experience Key Takeaways Form 1065: Filed by partnership entities (domestic partnerships) Form 8865: Filed by U.S. persons with
Form 8865 Schedule O: Property Transfer Reporting Requirements
Last Updated: January 16, 2026 | International tax CPA firm with Big Four experience Key Takeaways Schedule O reports property contributions to foreign partnerships under Section 6038B Required for Category
Form 8865 Penalties and Relief: What You Need to Know
Last Updated: January 15, 2026 | International tax CPA firm with Big Four experience Key Takeaways Category 1/2/4 penalties: $10,000 initial penalty plus up to $50,000 in continuation penalties after