The United States government requires American taxpayers report foreign assets to the Internal Revenue Service (IRS). A failure to meet this obligation can result in hefty monetary penalties and fines as well as potential imprisonment. The severity of these penalties can increase as time passes without compliance. As such, any taxpayers that have yet to come into compliance are wise to do so promptly.
The Tax Cuts and Jobs Act (TCJA) roughly doubles the transfer tax exemption from $5.6 million per individual to $11.18 million per individual or $22.36 million per married couple.