Form 8938 – Foreign Reporting Trap for the Unwary

By Sebastien Chain and Tamara Woods Beginning with the 2011 tax year (i.e., for returns filed April 17, 2012 or later), individual taxpayers will be required to file Form 8938 if he or she has an interest in a “specified foreign financial asset” (“SFFA”) (click for additional information on FATCA requirements) that has a value exceeding a certain threshold.  … Continue reading Form 8938 – Foreign Reporting Trap for the Unwary

More Foreign Reporting for US Taxpayers? Absolutely says IRS

By Sebastien Chain and Tamara Woods The Hiring Incentives to Restore Employment Act of 2010 (“HIRE Act”) enacted the Foreign Account Tax Compliance Act (“FATCA”).  P.L. 111-47.  FATCA greatly increases disclosure requirements and penalties on taxpayers with foreign accounts and assets.  These reporting requirements will affect individuals beginning with the 2011 tax year, and are expected … Continue reading More Foreign Reporting for US Taxpayers? Absolutely says IRS