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Form Instructions 8938 online Washington: What You Should Know

Explanations for Form 1120 The current IRS publication, “Filing and Filing Information Returns: Procedures to Be Followed by International Business Entities” by Taxpayer Services Department (TDS) explains the procedures to be followed for the provision of information returns, including the requirements and procedures for filing a foreign tax information return. Foreign Account Tax Compliance Act (FATWA) Section 301 of the Foreign Account Tax Compliance Act (FATWA) is required for tax-exempt 501(c)(3) organizations to provide the IRS (IRS) with information regarding an account held by the organization for one of its U.S. clients. Specifically, an account held by the organization for a United States resident that is not a current U.S. resident is subject to the provisions of FATWA. These provisions will not apply to accounts held or maintained by a U.S. taxpayer if the account has a nonresident individual shareholder of foreign capacity. In case of an account being held or maintained by an American, it is taxable only to the U.S. shareholder for withholding under section 2851 of the Code. There is further provision in the Code for reporting of certain deposits held in a foreign account, with additional requirements being applicable. Taxpayer and Non-Taxpayer Requirements for Providing Information to the IRS All organizations subject to the reporting requirement of FATWA will be required to have an IRS report prepared and filed if the organization has a foreign source investment or has received more than half of its net assets from a foreign source. Certain requirements also apply if the institution is considered a tax-exempt foreign educational institution, if it is a charitable organization and is a branch or branch office of a corporation. Organizations are generally required to file information reports under the provisions of sections 6001 and 6011. If the organization has more than one U.S. citizen or resident holding or controlling an account, each account owner must file a separate report under these sections. If the organization is registered with the IRS as a tax-exempt foreign person (QFP), the entity has to file a separate report under section 6211 of the Internal Revenue Code. For a general description of the filing requirements, view the IRS Publication 513, U.S. Tax Guide for Aliens, Overseas Citizens, and Legal Permanent Residents. For more detailed information about FATWA and the reporting requirements for organizations subject to its requirements, refer to FATWA : Guidance for U.S.

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