Foreign Bank Accounts Regulations Part III

Picture Courtesy: openclipart.org

In my earlier posts, Part I- here and Part II-here, we explored staying in compliance for FBAR regulations and the Foreign Account Tax Compliance Act (FATCA). We saw that all US Taxpayers who had foreign bank accounts more than $10,000 at any time during the year had to file Form TD F 90-22.1. 

In this post let's look at the new Form 8938, Statement of Specified Foreign Financial Assets. This form was introduced by the IRS after passing the FATCA in 2010. For those to whom the rules would be applicable, would have filed this form for the first time with their 2011 tax return. 

AN UPDATED VERSION OF THIS POST IS NOW ON OUR SUBSTACK PLATFORM. HERE IS THE LINK TO SUBSTACK.