Form 8938 Vs FBAR

Form 8938 Vs FBAR Form 8938 Vs FBAR A US person may need to file Form 8938 (FATCA report) or a FinCEN Form 114 (FBAR report). But which form should you file? Getting it wrong could result in severe penalties. And while the two forms are similar, they do have some noteworthy differences. Here’s what […]

kiddie tax

kiddie tax Tax on a child’s investment and other unearned income (kiddie tax) There are basically two situations may affect the tax and reporting of the unearned income of certain children.  If your child’s interest, dividends, and other unearned income total more than $2,600 (For 2024 tax year), it may be subject to a specific tax […]