IRS Issues Final FATCA Regulations for Specified Foreign Financial Asset Reporting

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On December 11, 2014, the IRS issued final U.S. Treasury regulations (T.D. 9706) regarding the reporting of specified foreign financial assets under Section 6038D of the U.S. Internal Revenue Code. The effective date of the new regulations is December 19, 2011 but U.S. taxpayers may elect to apply the regulations to tax years ending prior to that date. The IRS Form 8938 Report of Specified Foreign Financial Assets is the reporting requirement that U.S. individuals must comply with under I.R.C. Section 6038D. There is a $10,000 penalty that applies for the failure to timely file the Form …read more

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