IRS Updates Foreign Assets Requirements Chart
The IRS has issued an updated foreign assets chart listing the latest requirements for filing Foreign Assets Form 8938 for the 2011 calendar year and TD F 90-22.1.
Determining the Reporting Threshold That Applies to You…
The IRS has provided guidance with respect to the thresholds that apply to taxpayers requirements for filing the form. There is a significant distinction made with respect to taxpayers living in the United States and taxpayers who live abroad. Additionally, the applicable thresholds are based on two standards, either (1) the aggregate value of all specified foreign financial assets on the last day of the tax year or (2) the aggregate value of all specified foreign financial assets at any time during the year. The new reporting thresholds are as follows:
Types Of Foreign Assets and Whether They Are Reportable (PDF)
Exceptions to filing
In order to avoid duplicative reporting, the regulations provide several exceptions to reporting assets on Form 8938. For a list of the exceptions, please review them at http://www.irs.gov/instructions/i8938/ch02.html. Complete instructions for Form 8938 can be found at http://www.irs.gov/pub/irs-pdf/i8938.pdf or contact us.