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About Form 8938 Statement of Specified Foreign Financial ~ About Form 8938 Statement of Specified Foreign Financial Assets Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold

Summary of FATCA Reporting for Taxpayers Internal ~ FATCA requires certain taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold at least 50000 to report information about those assets on Form 8938 which must be attached to the taxpayer’s annual income tax return

Do I need to file Form 8938 “Statement of Specified ~ Certain taxpayers holding specified foreign financial assets with an aggregate value exceeding 50000 will report information about those assets on new Form 8938 which must be attached to the taxpayer’s annual income tax return

FATCA Reporting Closed Accounts What do I Include on 8938 ~ With the FATCA Form 8938 Report of Foreign Bank and Financial Accounts due date rapidly approaching April 18 2017 — unless you applied for an extension we often receive the question of whether closed accounts need to be reported on a FATCA Form 8938 The answer is — yes If the account was opened at all during 2016 then it must be reported on the 2016 FATCA Form 8938 due on 418

IRS Form 8938 Filing Requirements FBAR vs 8938 FATCA ~ Form 8938 Filing Requirements “FATCA” Foreign Account Tax Compliance Act requires specified individuals to report ownership of specified foreign financial assets if the total value exceeds the applicable reporting threshold Form 8938 Statement of Specified Foreign Financial Assets was created for this purpose

Form 8938 2020 IRS Requirements Threshold for Filing ~ Form 8938 The IRS rules for Form 8938 are complex The form was developed in 2011 and is used to report specified foreign financial assets to the The form is part of FATCA Reporting Foreign Account Tax Compliance Act The form was developed in support of the IRS aggressive stance toward Foreign Accounts Compliance

How to Report Foreign Financial Assets on Form 8938 ~ The IRS presumes that a foreign financial asset has sufficient value to meet the reporting thresholds if a Form 8938 isnt filed and if the IRS determines that a taxpayer owns one or more foreign financial assets that are required to be reported

Foreign Account Tax Compliance Act FATCA ~ There are penalties if you must file IRS Form 8938 Statement of Specified Foreign Financial Assets and don’t or if you file it and it is incorrect Taxpayers with foreign financial accounts may have to report information under both FATCA and Bank Secrecy Act regulations Separate penalties may apply for failing to file each form

Basic Questions and Answers on Form 8938 ~ If you are required to file Form 8938 you must report your financial accounts maintained by a foreign financial institution Examples of financial accounts include Savings deposit checking and brokerage accounts held with a bank or brokerdealer

Comparison of Form 8938 and FBAR Requirements ~ A chart comparing the foreign asset types and filing requirements for the Form 8938 and the Form TD F 90221 Report of Foreign Bank and Financial Accounts FBAR The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 Report of Foreign Bank and Financial Accounts