Specified Foreign Financial Asset

The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S.... more +

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News & Analysis as of May 21, 2013

Information Reporting for US Entities with Interests in Foreign Financial Assets Delayed

by Christopher Cawley, Nicola Lemay | Foley Hoag LLP on 4/4/2013

Earlier this year, the IRS announced that U.S. entities that hold interests in “specified foreign financial assets” will not be required to report such interests on IRS Form 8938 until final regulations are issued, and in no...more

First FBAR, Now FATCA: New Information Reporting Requirements for U.S. Taxpayers with Foreign Financial Assets

by Foley Hoag LLP on 4/10/2012

U.S. citizens, resident aliens and certain non-resident aliens who held “specified foreign financial assets” at any point during 2011 may be required to file IRS Form 8938 (Statement of Specified Foreign Financial Assets)...more

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FATCA › Reporting Requirements › Specified Foreign Financial Asset

Information Reporting for US Entities with Interests in Foreign Financial Assets Delayed

First FBAR, Now FATCA: New Information Reporting Requirements for U.S. Taxpayers with Foreign Financial Assets

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