One of the most important requirements for businesses is compliance with the White Sands Tax Foreign Informational Reporting (FATCA) requirements. If you own foreign financial assets, you must report them to the IRS using Form 8938. Failure to do so will result in severe penalties. This requirement comes on top of the longstanding requirement for companies to report foreign financial accounts to the Financial Crimes Enforcement Network, or FinCEN.

In addition to preparing and filing your FBAR, you should also file TD F 90-22.1, or Form 114, with the Internal Revenue Service. This report requires information about the foreign financial institutions you hold assets with. This information includes your name and certain financial information. The IRS will then have a way to verify your identity. You must also report all assets that are located in foreign countries.

TD F 90-22.1 is the corresponding FBAR for an individual. Depending on the nature of your foreign assets, you may need to file both forms. There are separate penalties for failure to file each. For delinquent Form 114 submission procedures, please visit the IRS's website. Moreover, TD F 90-22.1 is not an exception to the FBAR filing requirements.

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