What needs to be reported in the IRS disclosure program
Orlando Certified Public Accountant Paulette Smith discusses what should be reported in an IRS disclosure program.
“The reportable items would be bank accounts, stock accounts, any sort of investment that produces reportable income, taxable income. It could be rental property, anything like that, any sort of asset that people would have here in the U.S that generates income. Those are the things that are reportable.
In addition to that, there is what is typically called an ‘F bar.’ With the F bar accounts, just the existence of accounts are reported. There’s a minimum threshold. There’s a de minimis threshold, so we don’t have to report any little bank account that might have $500 in it. If it has $10,000 or more in it, then that falls into the category of being reportable. That report is filed separately, but it would be part of the voluntary disclosure.”