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ARTICLE · 26 APRIL 2012

New IRS Reporting Requirement For Specified Foreign Financial Assets

Holland & Knight
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Effective in 2012 for the tax year ending 2011, the IRS now requires individuals with a specified foreign financial asset (SFFA) to file IRS Form 8938, Statement of Specified Foreign Financial Assets, in addition to the Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1).

United StatesTax
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Leigh–Alexandra Basha a Partner in the firm's Northern Virginia office.

Effective in 2012 for the tax year ending 2011, the IRS now requires individuals with a specified foreign financial asset (SFFA) to file IRS Form 8938, Statement of Specified Foreign Financial Assets, in addition to the Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1). Temporary and proposed regulations were issued in late 2011.

What is a Specified Foreign Financial Asset?

An SFFA includes not only foreign financial accounts but foreign financial assets such as:

  • foreign contract rights
  • any interest in stocks, other securities and other financial instruments issued by non-U.S. persons

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