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good afternoon this is sean golden with golden golden here to discuss the basics of what happens when you have unreported foreign bank and financial accounts and donamp;#39;t report them or declare them to the irs so with tax season approaching lots of individuals are learning for the first time unfortunately that they might have several years of non-compliance with reporting foreign accounts assets and investments letamp;#39;s go through the basics to get a general idea of what you may or may not have to do kind of get away from some of that fear-mongering youamp;#39;ll find online and and get a strategy to go forward so the u.s follows a worldwide income uh model which means u.s persons have to essentially report their worldwide income on their u.s tax returns thereamp;#39;s an ancillary aspect of that which is that when a u.s person has foreign accounts assets or investments those have to be reported as well a foreign person generally means a u.s citizen legal permanent resident
