Music who is required to file form 8938 specified persons okay we're getting really close to the discussion of the specified domestic entity specified persons until 2023 or if we wanted to use it to be more technical until all the text years that start after December 31st 2023 if you want to take the directly in the exact language specified persons included US citizens u.s. text residents and that of course includes all the u.s. green card holders and all the persons who satisfied the substantial presence test all the non-resident aliens who chose to declare themselves text residents for the purpose of filing a joint tax return and residents of Puerto Rico and possessions and use positions so we're talking about one house it wanted it doesn't have enough problems right now American Samoa and Northern Mariana Islands does it move does anyone see here a common threat throughout this category of five pre 2023 categories of milers anyone wants to take a guess we're talking about citizens Texas residents exactly all of them are individuals so what happened is here is that now it's no longer just individuals businesses are required to file form 8938 businesses that satisfy the requirement of specified domestic entity Music Music you.
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instructions 8938 Form: What You Should Know
For further information about the tax implications of a foreign financial instrument, see: If you would like to get Form 8938: “Statement of Specified Foreign Financial Assets” Form 8938 Instructions — Learn How to File a Paper 8938 · Learn how to file the paper form on or before the 15th day of the calendar month before the due date.
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FAQ - Form instructions 8938
Is there a penalty for not filing Form 8938?
Information return penalties. Where a taxpayer must file a Form 8938, disclosing his or her interest in "specified foreign financial assets," fails to do so for any tax year, the taxpayer is subject to a penalty of $10,000.
What is the difference between 8938 and 114?
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer's obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.
What is the purpose of form 8938?
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
Do I have to file FBAR if I file 8938?
A financial asset that is reported on Form 8938 (FATCA) does not necessarily need to be reported on your FBAR form and vice versa.
Who must fill out form 8938?
To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.
Do I need to file both FBAR and 8938?
Although Form 8938 provides that information reported on certain other foreign asset reporting forms 14such as Form 3520 (for reporting interests in foreign trusts, gifts, and estates) and Form 5471 (for reporting interests in foreign corporations) 14does not need to be repeated on Form 8938, there is no such exception for ...
What is the difference between Form 114 and Form 8938?
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer's obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.
Does Form 8938 replace FBAR?
Unlike the FBAR (which is filed electronically and directly on the FinCEN website), Form 8938 is actually part of the tax return filed by the Taxpayer.
What must be reported on Form 8938?
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. Examples of financial accounts include. Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
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