Get IRS 8938 2015

Form 8938 vs. the Foreign Bank Account Report (FBAR) Form 8938 facilitates compliance with an internal revenue law (FATCA) and it's part of the tax return. As such, it's considered to be confidential tax return information. The purpose of the FBAR is to ensure compliance with the Bank Secrecy Act.

Form 8938 vs. the Foreign Bank Account Report (FBAR) Form 8938 facilitates compliance with an internal revenue law (FATCA) and it's part of the tax return. As such, it's considered to be confidential tax return information. The purpose of the FBAR is to ensure compliance with the Bank Secrecy Act.

The FBAR is The Report of Foreign Bank and Financial Account Form. The Form 8938 is Reporting of Specified Foreign Assets. Both of these forms require U.S. Persons to report Foreign Accounts (accounts that are located abroad) to report their offshore accounts to the IRS. ... The FBAR & 8938 Forms are not the same.

Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).

The general rule is that foreign real estate is not reportable to the IRS on Form 8938. ... If you qualify to file Form 8938, you are to report financial accounts maintained by a foreign financial institution.

Form 8938 reporting applies for specified foreign financial assets in which the taxpayer has an interest in taxable years starting after March 18, 2010. For most individual taxpayers, this means they will start filing Form 8938 with their 2011 income tax return. ... the U.S. branch of a foreign financial institution.

The general rule is that foreign real estate is not reportable to the IRS on Form 8938. ... If you qualify to file Form 8938, you are to report financial accounts maintained by a foreign financial institution.

Special Income Tax Return Reporting for Foreign Accounts and Assets. Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts.

The Form 8938 filing requirement does not replace or otherwise affect a taxpayer's obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. ... Form 8938 and Instructions can be found at About Form 8938.

Penalties for failure to file a Foreign Bank Account Report (FBAR) can be either criminal (as in you can go to jail), or civil, or some cases, both. The criminal penalties include: Willful Failure to File an FBAR. Up to $250,000 or 5 years in jail or both.

Taxpayers living abroad. You must file a Form 8938 if you must file an income tax return and: You are married filing a joint income tax return and the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.

Taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their specified foreign financial assets.

FATCA is a mandatory exercise for both Individual and Non-Individual Investors. ... FATCA stands for Foreign Account Tax Compliance Act. The rule was introduced in the USA in 2010 to prevent tax evasion through offshore investments that some US residents may have.

Under FATCA regulations, any individual, corporation, partnership, trust, association, or any other entity, including any foreign intermediary, foreign partnership, or U.S. branch of certain foreign banks and insurance companies that has control, receipt, custody, disposal, or payment of any withholdable payment is a ...