United States - Form 8938 and Reporting of Certain Foreign Financial Assets |
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Background
Effective for 2011 tax returns, taxpayers with non-U.S. financial assets may be required to report additional information regarding these assets as part of their individual U.S. tax return. This additional reporting requirement was added to the law through the Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act. The legislation generally provides that any individual, who during any taxable year, holds any interest in a specified foreign financial asset must attach a statement to the individual’s income tax return, if the aggregate value of all such assets exceeds $50,000 (or such higher dollar amount as the Secretary of the Treasury may prescribe).
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Form 8938 and Reporting of Certain Foreign Financial Assets (PDF)
