Learn the Form 8938 filing requirements to stay compliant with IRS rules as an expat and avoid penalties. File correctly to prevent severe consequences.
FATCA Filing Requirements FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds: Single Filing Threshold: $200,000 on the last day of the year OR $300,000 at any point during the...
FORM 8938 – Expansion of International Tax Reporting RequirementsCharles K. KolstadAlan J. EpsteinMichael D. Foster
For individuals, however, FATCA has stringent reporting requirements. If you have any financial assets outside the United States, you must report those assets to the Internal Revenue Service. For more taxpayers, this means that the Form 8938 filing requirement applies to your tax return. About Fo...
Frequently asked questions aboutForm 8938and filing. Meet Mr. Patel Mr. Patel’sexpertise is in all stages of tax controversies including international tax law,foreign bank accountsand disclosures,tax auditdefense, and tax appeals. Mr. Patel has counseled over 1000 voluntary tax matters for assets...
The IRS provides a chart with a detailedcomparison of Form 8938 and FBAR requirements. Penalties Relating to Form 8938 The IRS can impose a $10,000penalty for failing to fileForm 8938 by the due date of the tax return, including extensions, or for filing an incomplete or inaccurate Form 89...
This summary is not intended to be an exhaustive summary o the fling requirements a “specifed individual” has in connection with IRS Form 8938 (Statement o Specifed Foreign Financial Assets) or the “specifed oreign fnancial assets” required to be disclosed on said orm. Al redo Tama...
They open a bank account, contribute to the mandatory Australian retirement fund, purchase a house with a mortgage and get a life insurance policy on both of them.These are now their new filing requirements:• Form 8938• Form 3520-A• Form 3520• Form 5471 (to be filed by the ...
An eDocument can be regarded as legally binding given that specific requirements are satisfied. They are especially critical when it comes to signatures and stipulations associated with them. Entering your initials or full name alone will not ensure that the organization requesting the sample or a ...
Enrolled Agents (NAEA) Seminar entitled “2025 Mid-Year Update” on June 10, 2025. Seminar description is below: “2025 Mid-Year Update” This informative seminar explores tax law changes for 2025, equipping tax professionals with practical strategies to manage new compliance requirements and ...