Reporting Foreign Accounts and Assets
Once you're a resident, accounts and assets outside the U.S. must be reported every year — with large penalties for missing forms.
What This Is
U.S. residents must report accounts and assets held outside the U.S. every year, separately from the tax return itself. Bank and brokerage accounts, investment funds, shares in foreign companies, and any connection to a trust each have their own form.
The reports themselves don't create tax. The risk is the penalties: they are charged per form, per year, and can be very large even when no tax was owed.
Why the Date Matters
Reporting starts with your first U.S. tax year, and the first year is usually the messiest — partial-year rules, home-country accounts still open, structures not yet simplified. Knowing what you'll need to report lets you close, consolidate, or document things before the date rather than scramble after it.
What a Paid Assessment Does
A licensed accountant lists the reports your situation will require, what each needs, and what to simplify before you arrive so that year one is manageable.
See Whether This Applies to You
The free assessment checks this and five other areas against your residency date.