Foreign Financial Asset Reporting – Coming Soon to a Domestic Entity Near You

When Form 8938 reporting for foreign financial assets of U.S. taxpayers was first imposed a few years, only U.S. individuals were subject to it. The IRS has now issued final regulations that will commence reporting by domestic corporations, partnerships and trusts owning such assets. Nothing to worry about for this tax season – but next year will be different as this reporting commences for tax years starting after 12/31/15.

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