What is a Foreign Asset or a Foreign Financial Asset?

The United States Government, Department of the Treasury, and the Internal Revenue Service have specialized foreign asset reporting. It is important that you disclose such assets to Jacobson Clergy Tax Service. Failure to report such assets properly may lead to additional tax, interest and penalties. Foreign assets can include:

• Foreign Checking and Savings Accounts

• Foreign Brokerage Accounts

• Individual Publicly Traded Foreign Stocks

• Foreign trusts and foreign gifts

• Foreign Retirement Accounts

• Foreign Tax Deferred Accounts

• Interest in Foreign Corporations (including LLCs and other types of Foreign Entities)

• Interest in passive foreign investment companies (including mutual funds)

• Foreign Partnerships (including foreign Publicly Traded Partnerships)

• Contracts with non-U.S. persons, and interests in foreign entities.

• Interest in Other Foreign Entities not listed above.

• Receipt of bequest from a non-U.S. estate

• Foreign Life insurance policy or annuity with a cash surrender value

This can include being a joint owner, representative or a signer on any of the above.

However, it is also important to note that there may be items that are not addressed in this statement due to the various laws that other countries may impose. If you are not sure that a foreign asset you own is a reportable asset, you should disclose information about that asset to Jacobson Clergy Tax Service so that we may evaluate.