As part of the Foreign Account Tax Compliance Act (FATCA) passed by Congress in 2010, individual taxpayers are now required to report “specified foreign financial assets” on an information reporting ...
There are a multitude of information returns that United States taxpayers may need to file if they own foreign assets or have foreign investments. Two of these forms are the FBAR (Foreign Bank Account ...
Of all the international information return obligations, the IRS Form 8938, Statement of Specified Foreign Financial Assets, is a relative newcomer. Enacted as part of the Hiring Incentives to Restore ...
In the Final Regulations effective December 12, 2014, TD 9706, Reporting of Specified Foreign Financial Assets, the IRS addressed such issues as dual residents, valuation challenges, foreign currency, ...
If you have a foreign bank account or assets, you hopefully know how many IRS eyes are on you. See 5 Nations Join U.S. In Tax Evasion Crackdown. While it's perfectly legal to have money or assets ...
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