Messages for American Citizens (March 5, 2012)
New IRS Reporting Form
March 5, 2012
The Internal Revenue Service (IRS) has requested that the Bureau of Consular Affairs (CA) bring to the attention of posts and U.S. citizens abroad a new information reporting form that taxpayers will use starting this tax filing season to report specified foreign financial assets for tax year 2011.
The Form 8938 (Statement of Specified Foreign Financial Assets) should be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply.