Foreign Account Tax Compliance Act Form 8938

When it comes to fatca foreign account tax compliance act it is important that green card holderslegal permanent residents understand the basics of reporting foreign accounts income assets and investments to the irs and us. Similar to fbar the purpose of form 8938 is to disclose financial assets located outside of the us.

The Foreign Account Tax Compliance Act Fatca Explained

foreign account tax compliance act form 8938

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The treasury department and the irs continue to develop guidance concerning fatca.

Foreign account tax compliance act form 8938. Efforts to combat tax evasion by us. Fatca tax reporting is a required disclosure for individuals with total assets over a certain threshold. What is form 8938.

What is form 8938. In 2010 congress enacted the foreign account tax compliance act fatca which requires us. This requires individuals or businesses with foreign accounts meeting certain reporting thresholds to file form 8938 with the irs.

For current and more in depth information please visit fatca. Persons holding accounts and other financial assets offshore. Form 8938 is the report required under the foreign account tax compliance act fatca.

This form is not filed directly with your tax return but is a separate form that is filed electronically directly to the department of treasury. The foreign account tax compliance act fatca is an important development in us. Form 8938 statement of foreign financial assets basics.

Form 8938 statement of specified foreign financial assets is a newly established form by the irs since tax year 2012 in accordance with fatca foreign account tax compliance act. The foreign account tax compliance act fatca was enacted in 2010 as part of the hire act and requires that foreign financial institutions report on foreign assets held by their us account holders or be subject to withholding on certain payments. Account holders or be subject to withholding on withholdable payments.

Foreign financial institutions ffis to search their records for customers with indicia of a connection to the us including indications in records of birth or prior residency in the us or the like and to report the assets and. The foreign account tax compliance act fatca which was passed as part of the hire act generally requires that foreign financial institutions and certain other non financial foreign entities report on the foreign assets held by their us. The foreign account tax compliance act fatca is a 2010 united states federal law requiring all non us.

The foreign account tax compliance act fatca is an important development in us. In addition starting in 2011 under the new fatca foreign account tax compliance act law. Namely that even though a green card holder is a citizen of another country they essentially have the same reporting requirement as a us.

Persons holding accounts and other financial assets offshore. Find out if you need to file fbar form 8938 or both. Form 8938 is part of your us federal tax return and as such will have the same filing deadline including.

Taxpayers whether living abroad or in the united states who own financial assets outside of the united states and meet the filing requirements listed below to report the fair market value of those assets on an annual basis to the irs. Efforts to combat tax evasion by us.

Do I Need To File Form 8938 Determine Need To File Form