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.
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Finance & Banking Updates, International Law & Trade Updates, Tax Law Updates
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.
© Sanford Millar, Law Offices of Sanford I. Millar | Attorney Advertising