Search Results for: 8938
FATCA-Compliant Institutions List Goes Online
…must file IRS Form 8938 to report foreign accounts and assets. With such comprehensive databases, noncompliant taxpayers should beware; the IRS has quicker, better and more complete information than ever….
2 recent IRS developments that will impact Indian Americans
…declared in Form 8938 along with Form 1040. -Must file the FBAR if they have a financial interest in, or signature or other authority over, a financial account in a…
Tax treaty tie-breakers
…result. It is important to note that tax treaty benefits do not provide an exemption from filing of most information returns such as IRS Form 8938 or FBARs. To take…
IRS Announces New Statistics Regarding Voluntary Disclosures
…compliant with reporting worldwide income on U.S. tax returns, FBARs and IRS Forms 8938, it is safest to join the OVDP or (in appropriate cases) at least the Streamlined program….
How to Fix an Erroneous Filed Tax Return without Penalties
…Form 5471 or 8938) but fails to do so, a superseding return can be used to rectify the error. If a taxpayer catches the omission of Form 5471 after filing…
Below is a List of Common Forms Applicable in Compliance Requirements for U.S. Citizens and Residents with Foreign Assets, Trusts, and Entities
Foreign Financial Assets FinCEN Form 105 Report of International Transportation of Currency or Monetary Instruments FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) Form 8938 Statement of…
India Expected to Sign FATCA Agreement Tomorrow
…help to the IRS means that no foreign account is secret. U.S. persons must report worldwide income and most must file IRS Form 8938 and Foreign Bank Account Reports (FBAR)…
Vatican Signs FATCA Agreement
Praying may not be enough for non-compliant taxpayers (or evaders) under the Foreign Account Tax Compliance Act (FATCA). The Vatican has become the latest FATCA signatory to share bank information…
Caution: Foreign Businesses Require Additional Reporting
…stakes in non-U.S. private business to be reported on Form 8938. Effectively, these reporting requirements force any business with U.S. partners to prepare financial statements to U.S. standards and submit…
Beware of Overlooked Common Overseas Tax Forms
…on June 30, with no extension possible. Form 8938: This form, also known as the FATCA form, is used to report Specified Foreign Financial Assets and the income derived from…
Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.
…report all worldwide income and file a Form 8938, if required, in their individual income tax returns. Also, US citizens and residents are also required to file an FBAR with…