Update on Foreign Asset Reporting


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.

LOADING PDF: If there are any problems, click here to download the file.

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

Written by:


Law Offices of Sanford I. Millar on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.