Worldwide Income Rules
One the most frequent questions we hear at the office is “Do I need to report some income I receive from a foreign country to the IRS?” and the answer is a definitive “Yes”. Many moons ago, computers did not exist and it was very difficult to see the entire financial snapshot of a U.S. citizen or any citizen for that matter. However, the advances in computers, databases and international cooperation, not to mention the laws have changed the way your global financial activity is tracked. If the IRS chooses to audit you, significant fines can be levied for failure to report worldwide income and international assets. If you have not done so in the past, but would like to learn more about how to properly report worldwide income and report global assets contact us at info@ntokoscpa.com or at 630-207-7941 to setup a free consultation.