Soon to be ex was filing joint tax returns until a year ago...I live abroad with my chidren he in the States. Some of my foreign account were not listed and he is threatening in divorce to report when I knew nothing about it. For myself now I would like to simplify everyhting with the divorce coming up and close some accounts and transfer funds into one. Then I assume I will see a tax accountant. Could this pose as a problem?
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.First and foremost, generally speaking divorce is nasty. Try not to be too stressed because you will get professional help through either your family attorney or a tax attorney. Second, if you guys file joint returns, and he knows about your foreign accounts he's just as liable as you for any failure to report your accounts. So, if he does tell he's shooting himself in the foot. Third, you only have to report your foreign bank accounts to the IRS if they total more than $10,000 - so if you have less than $10,000 don't worry about this at all. All that being said, the penalties of not filing the required reports are steep. If you had more than 10,000 in the bank overseas talk to a tax professional sooner rather than later - have them make the correspondence with the IRS on your behalf. Try not to let this worry you to the point where you're not sleeping. It is something that needs your attention (now that you know it is an issue, if it's above $10,000), but with a good tax pro you should get through this just fine. You can read about these filing requirements, HEREThank you for using JustAnswer. Please let us know if we can be of any additional assistance.
Graduate Accounting Degree from Ole Miss