A Reporting Nightmare - The IRS Finalizes Form 8938, Statement of Specified Foreign Financial Assets

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The Internal Revenue Service recently posted a final version of the Form 8938, Statement of Specified Foreign Financial Assets, and its corresponding instructions.

The finalization of the Form 8938, Statement of Specified Foreign Financial Assets, this week comes on the heels of the Internal Revenue Service issuing temporary and proposed regulations on December 14, 2011, relating to the provisions that required the foreign financial assets to be reported to the Internal Revenue Service for tax years beginning after March 18, 2010.

As part of the Hiring Incentives to Restore Employment Act enacted in 2001, U.S. taxpayers holding foreign financial assets with an aggregate value exceeding either $50,000.00 on the last day of the taxable year, or $75,000.00 at any time during the taxable year, must report certain information about these assets on the final Form 8938, Statement of Foreign Financial Assets...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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