Foreign Asset Reporting

U.S. taxpayers with financial connections to Korea often face multiple foreign reporting requirements beyond FBAR and FATCA.

Depending on your situation, you may need to report:

• Foreign bank and investment accounts
• Korean pension and retirement accounts
• Ownership in Korean corporations or partnerships
• Foreign trusts or inheritance interests
• Foreign life insurance with cash value
• Foreign real estate held through entities

Each asset type has its own rules, thresholds, and forms — and missing even one can lead to significant penalties.

Our Foreign Asset Reporting service ensures that all your Korean and foreign assets are properly identified, classified, and reported under U.S. tax law.

Clients often ask:

• “Do I need to report my Korean pension or retirement account”
• “Does my Korean business ownership need to be disclosed”
• “What about foreign life insurance or savings plans”
• “Do I need to report real estate in Korea”
• “What forms apply to my situation — FBAR, FATCA, 3520, 5471, 8865, 8938”
• “What happens if I missed reporting in prior years”

These questions are extremely common — and the rules vary depending on the asset type.

We help you identify every foreign asset that requires reporting and ensure full compliance with U.S. disclosure rules.

✔ Identify All Reportable Korean Assets

• Bank accounts (including KakaoBank)
• Securities and investment accounts
• Korean pension accounts (NPS, IRP, retirement plans)
• Foreign life insurance with cash value
• Korean business ownership (corporations, partnerships)
• Foreign trusts or inheritance interests
• Real estate held through foreign entities

✔ Determine Which Forms Apply

Depending on your assets, you may need:

• FBAR (FinCEN 114)
• FATCA (Form 8938)
• Form 3520 / 3520‑A (foreign trusts, gifts, inheritance)
• Form 5471 (foreign corporations)
• Form 8865 (foreign partnerships)
• Form 8621 (PFICs, including Korean mutual funds)

We determine exactly which forms apply — and which do not.

✔ Prepare and File All Required Forms

• Accurate asset classification
• Year‑end and maximum value calculations
• Currency conversion
• Income reporting coordination
• Consistency across all forms and schedules

✔ Correct Past Non‑Compliance

• Late or missed foreign asset filings
• Reasonable cause statements
• Coordination with amended tax returns
• Alignment with FBAR and FATCA corrections

Foreign asset reporting requires precision, consistency, and a deep understanding of U.S. international tax rules.

• Comprehensive review: We identify every reportable asset
• Consistency across forms: FBAR, FATCA, and entity forms must align
• Penalty‑aware: We help you avoid unnecessary exposure
• Clear explanations: You understand what is being reported and why
• Confidential and secure: Sensitive financial data handled with care