Increased IRS Oversight of Organizations with Foreign Assets

April 19, 2012 Posted by The Law Firm for Non-Profits, P.C. in IRS, News

Does your nonprofit have foreign assets? If so, a new federal law will soon require it to submit a new report.

Nonprofits are already subject to FBAR. In 2013, the Foreign Account Tax Compliance Act will require nonprofits to file an annual form listing foreign assets such as financial accounts, securities, and interests in foreign entities.

If you think your organization has any foreign assets, be sure to  speak with a tax professional now. He or she can tell you what records the organization should keep for the 2012 year so that it is ready to file the new form come next year.

NOTE: The information contained herein is not intended to be legal advice and the reader should know that no Attorney-Client relationship or privilege is formed by the posting or reading of this article which is also not intended to solicit business.

Casey Summar, Partner, The Law Firm for Non-Profits, 4705 Laurel Canyon Blvd, #306, Studio City, CA 91607

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