International Tax
US Tax Attorney for Americans in South Korea and Korean-Americans
South Korea has a large US military and diplomatic presence, along with significant Korean-American communities in the US with Korean financial ties. US-Korea dual citizens and Green Card holders often have unreported Korean accounts.
Key US Tax Issues for South Korea
Korean Bank Accounts and FBAR
US persons with accounts at Korean banks must file FBARs if the aggregate value exceeds $10,000. Many Korean-Americans with family accounts in Korea are unaware of this requirement.
Korean ISA (Individual Savings Account)
Korea introduced its own ISA regime. Like other foreign tax-sheltered accounts, income inside a Korean ISA is currently taxable to US persons and the underlying funds may be PFICs.
Inherited Korean Assets
Korean-Americans who inherit accounts or real estate in Korea have Form 3520 reporting obligations if the inheritance exceeds $100,000.
US Military in Korea
US military personnel stationed in Korea have unique tax considerations, including SOFA status and housing allowance treatment.
Common Questions
Do I need to report my Korean bank accounts?
Yes. US persons with Korean financial accounts exceeding $10,000 in aggregate at any point during the year must file an FBAR annually.
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Speak with an attorney about your South Korea situation
Consultations are conducted by phone or video. No need to travel to Beverly Hills.
Country-specific IRS and court information
For additional information about IRS contacts, court locations and representation for taxpayers in each country, see our country profiles.