Update on Foreign Asset Reporting

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Information Reporting IRS Suspends Some Reporting Requirements For Foreign Financial Assets and Investments.

The Internal Revenue Service June 21 suspended the requirement for certain individuals to report foreign financial assets and passive foreign investments until IRS releases new Form 8938 and revised Form 8621 capturing that information.

Notice 2011-55 suspended the requirement for individuals reporting under new tax code Sections 6038D and 1298, for tax years beginning on or after March 18, 2010.

These taxpayers may have been required to attach a Form 8938, Statement of Specified Foreign Financial Assets, and the revised Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or a Qualified Electing Fund, before those returns are available, the notice said.

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