Foreign Financial Asset Reporting Rules – What’s New?

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Specified Domestic Entities Are Subject to Foreign Financial Asset Reporting Rules for Tax Years Beginning after December 31, 2016 – The IRS has issued new final regulations under IRC Section 6038D that govern the foreign financial asset reporting requirements for specified domestic entities. The new rules apply for tax years beginning after December 31, 2015. The specified foreign financial asset reporting requirement was enacted in 2010 as part of the Foreign Account Tax Compliance Act (FATCA). Previously, the reporting requirement for Form 8938 only applied to individuals until the issuance of the new regulations in 2016, which apply to …read more

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