• IRS Issues Instructions and Form for Reporting Foreign Financial Assets
  • February 10, 2012 | Authors: Elizabeth A. Mullen; Harry D. Shapiro
  • Law Firms: Saul Ewing LLP - Washington Office ; Saul Ewing LLP - Baltimore Office
  • Under new IRS reporting requirements, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets using a complex new form, Form 8938. Those who have this filing obligation and fail to file Form 8938 with their Form 1040 may face substantial penalties.