While most taxpayers in the U.S. are familiar with Form 1040, this is just one of several forms that taxpayers may need to file by Tax Day (which is April 18, 2023). Individual and corporate taxpayers may need to file a variety of other forms as well, and failure to file any required form could lead to unwanted scrutiny from the IRS—along with interest and penalties.

Whether you are a Virginia resident who spends time working abroad or you have accounts or investments offshore, you need to make sure you dutifully meet your obligations to the IRS. Underreporting foreign income and assets can trigger an IRS audit or investigation, and both underreporting and underpayment can lead to steep penalties.