Get the free Tax Bulletin FORM 8938 Expansion of International Tax Reporting ...

Tax Bulletin January 2012 AUTHORS Charles K. Holstein Alan J. Epstein Michael D. Foster RELATED PRACTICES Tax and Wealth Planning ARCHIVES 2012 2008 2004 2011 2007 2003 2010 2006 2002 2009 2005 FORM

How to fill out tax bulletin form 8938

How to fill out tax bulletin form 8938:

1. Gather all the necessary information: Before you begin filling out form 8938, make sure you have all the required information at hand. This includes details about your foreign financial assets, such as bank accounts, investments, and ownership interests in foreign entities.
2. Start with the personal information section: Begin by filling out your personal details, including your name, Social Security number or taxpayer identification number, and address. Ensure that all the information is accurate and up to date.
3. Provide information about the foreign financial assets: In this section, you will need to provide specific details about each of your foreign financial assets. This includes the name and address of the financial institution or entity, the maximum value of the asset during the tax year, and any income generated from the asset.
4. Determine the filing threshold: Check the instructions accompanying form 8938 to determine if you meet the filing threshold for this form. The threshold depends on factors such as your filing status and residency status. If you meet the threshold, you are required to file form 8938.
5. Report any exceptions: If you qualify for any exceptions or exclusions mentioned in the instructions, make sure to report them correctly on the form. This may include assets below the reporting threshold or certain specified foreign financial assets.
6. Review and submit the form: Once you have completed filling out the form, carefully review all the information to avoid any errors. Check that all the required sections have been filled out accurately. Sign and date the form before submitting it.
7. Keep a copy for your records: It is always a good practice to retain a copy of the filled-out form 8938 for your records. This can be useful for future reference or in case of any questions or audits by the Internal Revenue Service (IRS).

Who needs tax bulletin form 8938:

1. U.S. citizens and resident aliens: If you are a U.S. citizen or resident alien and meet the filing threshold for form 8938, you are required to file this form.
2. Individuals living abroad: Even if you live outside of the United States, you may still be obligated to file form 8938 if you meet the filing threshold. This requirement ensures that U.S. taxpayers report their foreign financial assets accurately.
3. Taxpayers with specified foreign financial assets: Anyone who holds specified foreign financial assets such as bank accounts, securities, or other ownership interests in foreign entities exceeding certain thresholds must file form 8938.
4. Investors and savers with foreign assets: If you have invested in foreign financial assets or hold savings in foreign accounts that meet the filing threshold, you need to submit form 8938.
5. Those subject to penalties for non-compliance: Failure to file form 8938 when required can result in significant penalties. Therefore, it is crucial to determine if you fall under the category of individuals who need to file this form to avoid potential penalties imposed by the IRS.

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What is tax bulletin form 8938?

Form 8938 is a tax bulletin form used to report specified foreign financial assets.

Who is required to file tax bulletin form 8938?

Individuals who meet the threshold for reporting specified foreign financial assets are required to file Form 8938.

How to fill out tax bulletin form 8938?

Taxpayers can fill out Form 8938 by providing information about their specified foreign financial assets, including the maximum value of each asset during the tax year.

What is the purpose of tax bulletin form 8938?

The purpose of Form 8938 is to help prevent tax evasion by providing the IRS with information about taxpayers' foreign financial assets.

What information must be reported on tax bulletin form 8938?

Taxpayers must report information about their specified foreign financial assets, including the type of asset, maximum value, and the financial institution where the asset is held.