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ARTICLE · 11 APRIL 2012

IRS Issues Guidance On FATCA/Form 8938 Foreign Asset Reporting Requirements

Blank Rome LLP
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As a follow up to its release of a final version of IRS Form 8938 and instructions on February 29, 2012, the IRS released Basic Questions and Answers on Form 8938 (the "FAQs").

United StatesTax
Matthew Lee
Matthew Lee
Jeffrey Rosenfeld
Jeffrey Rosenfeld

Form 8938 Must Be Filed with Form 1040 Due April 17, 2012

Business Tax

As a follow up to its release of a final version of IRS Form 8938 and instructions on February 29, 2012, the IRS released Basic Questions and Answers on Form 8938 (the "FAQs").1 In a previous alert, we discussed some of the general filing requirements with respect to Form 8938 which is effective now for individuals filing 2011 tax returns.2

The general rule-of-thumb is that all savings, deposit, checking, and brokerage accounts held with a foreign bank or broker-dealer are assets that must be reported on Form 8938. Foreign stock, securities, financial instruments and contracts held for investment must be reported on Form 8938 as well.

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