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Reporting Foreign Bank Accounts and Insurance Transactions

by | Sep 24, 2005 | Uncategorized

Taxpayers must use Form 8300 (see TD F 90-22.1) to report transactions over $10,000 in cash and to report a foreign bank account.

TD F 90-22.1 requires insurance companies to report if a taxpayer has cash surrender value in a insurance policy over $10,000 if the company is foreign company.

The policy could have been purchased in the USA with a foreign company or with a USA company that later got brought out by a foreign company or you may actually live out of the USA and brought your policy from a foreign insurance company.

This is part of the continuing attempt to by the IRS to tax all worldwide income of taxpayers.