What is Form 8938?


The IRS introduced a new form required for some individuals with offshore assets, Form 8938, Statement of Specified Foreign Financial Assets.  This Form must be filed by any US citizen or US resident required to file a US income tax return who owns an interest in what are called "specified foreign financial assets"(SFFA) above certain values.  SFFAs include foreign financial accounts, foreign securities, foreign corporate shares or partnership interests, and others.  The value limitations vary depending on filing status and current residence.  The Form was first required to be filed, for most individual taxpayers, with their 2011 tax returns.  The FBAR is still required even if individuals file Form 8938. 

Comments

Post a Comment

Popular posts from this blog

Texas Tax Amnesty Program

The Texas Tax Amnesty Program begins May 1, 2018, and runs through June 29, 2018.  This Program could apply to sales tax, franchise tax, or other taxes assessed by the Texas Comptroller.    It provides delinquent taxpayers with relief from penalties and interest on previously unreported taxes due for periods before January 1, 2018. The program gives taxpayers the opportunity to "wipe the slate clean" by filing past due reports, or amending reports that underreported taxes, without paying penalties and interest. Penalties and interest can be very substantial, so this is a program that should be given serious consideration by anyone who is eligible for it. The program does not apply to periods already under audit. If you believe that you may qualify for this valuable program, the Dove Law Firm can assist you through the amnesty process.
Read more

Tarrant County's Elder Financial Fraud Unit

Financial exploitation of the elderly is a serious problem, with one in twenty older adults victimized each year according to the Department of Justice.  In May of 2017, the Tarrant County Criminal District Attorney created a new special prosecution team -- the Elder Financial Fraud Unit -- to serve as a community resource addressing the special needs of elderly victims through a program of aggressive prosecution, education and deterrence. The unit consists of two experienced prosecutors, two investigators and one support staff member, all of whom are focused exclusively on financial crimes against the elderly. By the end of 2017, 79 cases were filed. The unit also partnered with Guardianship Services to create the the Financial Exploitation Prevention Center of Tarrant County, whose mission it is to connect Tarrant seniors with the vast network of resources available to them. If you, or anyone you know, has been a victim of elder financial fraud, there are resources availa
Read more

Today, June 15th, is World Elder Abuse Awareness Day

Today, June 15th, is the annual World Elder Abuse Awareness Day (WEAAD) as first declared by the United Nations General Assembly in 2012. Elder abuse is increasingly recognized as an important worldwide problem, and one that is likely to grow as many countries experience the rapid aging of their populations.  In the U.S. alone, some 10,000 people turn 65 every day. The focus of this year’s WEAAD is financial abuse of the elderly — a very common form of elder abuse which, for the most part, remains hidden and unreported. It is hoped WEAAD will raise the general awareness of this form of elder abuse and by so doing reduce its frequency.
Read more