By Edward R. Jenkins
Editor’s note: This article originally appeared in The Centre Daily Times as an installment of the paper’s Focus on Research column. Focus on Research highlights research projects and topics being explored across all disciplines at Penn State. Each column features the work of a different researcher.
Foreign Asset and Account Reporting has seen a lot press lately on the issues arising from the U.S. requirements to report ownership of foreign bank accounts, securities accounts and a series of other foreign assets. Some of the world’s wealthiest individuals and companies have been caught up in the Panama Papers incident — the release last week of data from the world’s fourth largest offshore law firm.
But what about the everyday citizen? What is the process someone with foreign assets needs to take in order to stay in line with U.S. requirements? Continue reading Focus on research: What do everyday people need to know about foreign assets?