Professional Translation Services and Reporting Requirements for Foreign Financial Assets

We’ve blogged about certified corporate translation services and the issues of double taxation, as well as legal translation and interpretation services in the context of compliance with the Foreign Corrupt Practices Act. Prior to 2011, an individual owning foreign financial assets totaling at least $10,000 was required to disclose the account in which one had a financial interest or signatory or other authority over. As of 2011 and continuing in 2012, the Hiring Incentives to Restore Employment Act’s new reporting requirements – which are in addition to the above cited requirement – remain in effect. When reporting said assets, all financial documents must contain a foreign language translation.

According to the new reporting requirement, if the aggregate value of one’s interests in ‘specified foreign financial assets’ exceeds $50,000 at any time during the tax year, then one must disclose certain information regarding the value and location of the assets in their tax return. This includes any depository, custodial or other financial account maintained by a foreign financial institution and any stock or security or financial instrument or contract issued by a person other than a US person, or any interest in a foreign entity not help in an institutional account.

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Up Next: Worldwide Multilingual Legal Translator Services and Another Look at Kiobel