FATCA – Form 8938 and reporting specified foreign financial assets
December 15: The IRS has posted the final version of Form 8938, Statement of Specified Foreign Financial Assets (Rev. December 2014) for 2014, on the IRS website. Form 8938 is to be used to report specified foreign financial assets if the total value of all the specified foreign financial assets in which a taxpayer has an interest is more than the appropriate reporting threshold.
Read Form 8938 [PDF 166 KB]
The 2014 version of Form 8938 differs from the 2013 form in that this year’s version includes the addition of a “Reserved” line for Parts V and VI, Line 7b.
The IRS last week released final regulations (T.D. 9706) concerning the requirement that individual taxpayers report to the IRS specified foreign financial assets for tax years beginning after March 18, 2010 (the date of enactment of the FATCA rules). Read TaxNewsFlash-United States (December 11, 2014).
