IRS Releases Guidance on Foreign Financial Asset Reporting



The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011. Temporary regulations have been issued for IRC 6038D reporting legislated by the Foreign Account Tax Compliance Act (FATCA). U.S. taxpayers will file Form 8938 with their individual income tax returns starting this coming tax filing season if their specified foreign financial assets exceed certain thresholds.

 

 

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