Unlike Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (“FBAR”), which is filed with the U.S. Treasury by June 30 of each year to report on accounts with respect to the previous calendar year, IRS Form 8938 is part of an individual’s federal income tax return. What follows is a general summary of the basics, comparing the two reporting obligations, along with some examples illustrating the rules. A tax advisor should be consulted about the specifics of any filing requirements and the information to be reported.
The rules enacted by the HIRE Act add a new level of complexity to identifying, tracking, and valuing specified foreign financial assets, and the tax items attributable to them, for purposes of reporting on new Form 8938. The foregoing is not a comprehensive analysis of all the types of assets that may need to be reported and so U.S. persons should consult their tax advisors about obligations in their cases. For more information on FBAR and Form 8938, contact Meril Markley (email@example.com) or Mesa Hodson (firstname.lastname@example.org).
You're Invited! Not-For-Profit CFOShare
Tuesday December 10, 2019
4:00 PM - 6:00 PM
You're Invited! Annual Accounting & Business Conference
Wednesday December 4 2019
Hosted at the MSU Management Education Center in Troy, MI
You're Invited! Construction Update
Thursday November 21, 2019
Detriot Athletic Club
241 Madison Avenue
Detriot, MI 48226