Foreight shares and transactions

[Alex3]

What can be done if a person residing in the United States fails to include any shares owned in a company outside the country on their tax declaration or return, even if the company didn't necessarily generate profits but had transactions over several years? Is there any action that can be taken to avoid legal consequences or fines?

[pk]

@Alex3 , please first  whether the person is a visa holder ( and what kind, when did the person enter the USA etc. ) or GreenCard or citizen of USA; which country is the foreign entity ( whose shares are owned by this individual) registered in; what kind of business and of course  are the shares  publicly traded?   Was tyhere any income distributed to the person owning the shares.

While you answer these questions, generally just because one owns shares in a foreign or domestic entity, it  may or may not need to reported.  All incomes are generally need to be recognized. Some foreign investmemnts may come under Mark-to-Market (MTM ) rules.  There may also be requirements  under FBAR and FATCA regulations.  So we need to lot a lot more before  we provide a specific reply

pk