Foreign Assets & Reporting
Understand what foreign assets you must report and how to stay compliant with U.S. reporting requirements.
List of Services
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Do I Need to File FBAR for My Korean Bank Accounts?List Item 1
If your total foreign account balances exceed $10,000 at any point during the year, you may be required to file an FBAR—even if the accounts are in Korea.
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FBAR vs FATCA (Form 8938): What’s the Difference?List Item 2
FBAR and FATCA have different thresholds, filing requirements, and reporting scopes—many taxpayers may need to file both.
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How to Report Korean Bank Interest on Your U.S. Tax ReturnList Item 3
Interest earned from Korean bank accounts must generally be reported as income on your U.S. tax return.
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Do You Need to Report Korean Stocks or Brokerage Accounts?List Item 4
Foreign investment accounts, including Korean brokerage accounts, may trigger both income reporting and additional disclosure requirements.
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Foreign Asset Reporting Thresholds (Do You Qualify?)
Reporting requirements depend on the total value of your foreign assets and your filing status, with different thresholds for FBAR and FATCA.
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Late FBAR Filing: What Are Your Options?
If you missed filing FBARs, there may be options to file late and reduce or avoid penalties through available IRS procedures.