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MI Form Instructions 8938: What You Should Know

Dec. 21, 2024 — The purpose of the instructions is to provide guidance and assist taxpayers with the required disclosure and financial. Information on these reports. In addition, the IRS encourages the taxpayer to file these reports and keep copies. Dec. 21, 2024 — The requirements for a foreign financial account to be included in the gross income of a U.S. person (FAR) have been significantly expanded to better support the application of section 77 of the Internal Revenue Code. In support of this, the instructions and related guidance address, among other things, the determination of whether the financial account is properly reported (for purposes of section 77). December 21, 2024 — The IRS guidance and related guidance have been substantially amended as part of the enactment of section 77 of the Internal Revenue Code on Dec. 21, 2013. Effective beginning Jan. 1, 2013, the language of section 77, paragraph (a)(2)(i) has been replaced by new language and new and better examples than the prior language, as described in sections 77.20(e), 83, section 77.40. December 5, 2024 — The guidance and related guidance are being revised as part of the enactment of section 77 of the Internal Revenue code on Dec. 21, 2012. The guidance has been significantly revised as of Jan. 1, 2018. Dec. 1, 2024 — The changes, to be implemented the first business day of the first calendar month after enactment of section 77 of the Internal Revenue Code, are summarized below. Section 77.30 Exclusions and Deductions. The instructions and related guidance now make clear that a foreign financial account held directly by a domestic nonresident individual who maintains a U.S. residence, and that is established or maintained in order to carry out his or her U.S. person business interests, shall not be taken into account to determine the taxpayer's U.S. source income if the account was excluded, excluded from gross income, or disallowed under rules described in section 73 or 75. No determination is required to report such an account and the foreign financial account need not be stated in the relevant information returns filed with the Secretary of the Treasury (Treas) or on the Form 8938. Section 77.40 Exclusion of certain U.S. person businesses.

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