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I Disclosed My Foreign Account on FBAR but Not Form 8938 (Golding & Golding, Board-Certified in tax)

There are several different international information reporting forms that a US person may have to file if they have foreign accounts, assets, investments, or income from abroad. The most common form that Taxpayers are aware of is the FBAR (Foreign Bank and Financial Account Reporting aka FinCEN Form 114) – but there are many other forms a taxpayer may have to file as well. In 2012, the US government introduced Form 8938 in accordance with FATCA (Foreign Account Tax Compliance Act). The form is similar to the FBAR, but not identical -- so that some Taxpayers may have to file either or or both the FBAR and form 8938 in the same year, for the same asset. Since Form 8938 is relatively new, some Taxpayers are unaware of it -- and therefore have not file it timely in one or more prior years. This is usually not a big deal and Taxpayers can submit to one of the IRS Tax Amnesty Programs identified below to safely get into compliance.

Видео I Disclosed My Foreign Account on FBAR but Not Form 8938 (Golding & Golding, Board-Certified in tax) канала Golding & Golding International Tax Lawyers
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22 августа 2022 г. 18:59:40
00:05:36
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