Foreign Financial Assets Reporting – Form 8938

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My friend and associate Hale Sheppard has written an article called “The New Duty To Report Foreign Financial Assets on Form 8938: Demstifying the Complex Rules and Severe Consequences of Noncompliance.”  It was just published in the International Tax Journal.

You might find the article interesting because (i) taxpayers and their adviors are struggling for the first time in 2012 with whether and/or how to complete the Form 8938, (ii) the article contains a thorough analysis of the Form 8938 filing requirements, incorporating guidance from multiple sources, (iii) the article addresses the confusing overlap between Form 8938 and the FBAR, and (iv) the article explains the unappreciated, and severe consequences for taxpayers who fail to file the Form 8938.

Please follow this link to read the article – Click here