U.S. and overseas financial ties: questions to bring to your CPA

Map the connections

Before meeting a cross-border adviser, make a simple inventory of the countries connected to your financial life. List where you live, where work is performed, where businesses operate and where accounts are held. Keep dates and ownership details available. Citizenship, immigration status and tax residency are related topics, but should not be treated as interchangeable labels.

Ask about separate reporting obligations

The IRS explains that reporting foreign financial accounts through FBAR and reporting specified foreign financial assets on Form 8938 involve different requirements. Filing one does not automatically satisfy the other. Applicable rules depend on the facts. Ask the adviser to explain which requirements they have reviewed and which filings are included in the engagement, rather than assuming an ordinary income tax return covers everything.

Prepare records without guessing

List account owners, countries, currencies and the records you can obtain. Note any business interests or financial arrangements you do not fully understand. Ask which dates, balances and ownership information are necessary. Do not send account numbers through an open inquiry form or attempt to resolve uncertainty by leaving an item off your list.

Coordinate advisers

If you already use a professional in another country, ask how the two teams will coordinate. Agree on who handles each jurisdiction and who is responsible for identifying information needed by the other team. Request clear explanations of any assumptions and of work that is outside the engagement.

Keep the scope clear

This preparation guide does not determine residency, treaty eligibility, reporting thresholds or tax due. Those issues need case-specific review. Use the official resources below to frame questions, and ask a qualified adviser about the rules for the relevant year before taking action.