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Printable Form Instructions 8938 New Hampshire: What You Should Know

The new rules impose a 6(c) penalty on non-U.S. persons for failing to report foreign bank and financial accounts to the IRS on or before April 15th of the fourth quarter of calendar year 2016. It is intended that this may cause increased compliance with U.S. tax law and may encourage the filing of Foreign Income Tax Returns to the near-term. Accordingly, a new Guidance of Exemptions and Waivers for Form 8938 is being issued. GAO-12-439, FATWA: Changes in Regulations: Reporting Financial Accounts of U.S. Persons to the IRS Jan 26, 2024 — U.S. entities and U.S. law enforcement agencies may be unable to provide timely information to the IRS when they are required to report information about U.S. persons who are nonresident aliens with U.S. accounts in other countries, or whose accounts are subject to significant foreign transactions. Issues at Issue — This report examines the FATWA implementation, the timing of the FATWA reporting requirements for foreign accounts and the FATWA reporting requirements and sanctions for U.S. persons that have specified foreign accounts. It is also important to consider: • Any delay in information-sharing or reporting may lead to further challenges for U.S. persons with accounts overseas, increasing the complexity and expense of compliance. • The failure to comply with the disclosure requirements may make the foreign country less likely to open or renew a U.S. bank account for a U.S. person, which may reduce a foreign bank's willingness to open or renew an account for that U.S. person. Issues at Issue — The U.S. is subject to an enhanced form 948(a) reporting obligation. This reporting requirement includes making required disclosures to the IRS. Issues to be Assessed by the Panel — The Panel will assess any applicable issues under the guidelines contained in the Guidance of Exemptions and Waivers. Issues to be Assessed by the Panel— The Panel will also assess the following as issues to be assessed by it: • Whether the current reporting obligations are sufficient given the FATWA reporting requirements and sanctions to effectively administer this reporting requirement. • Whether the FATWA reporting requirements and sanctions can be more effectively implemented by U.S. government agencies with the necessary legal authority. • How the FATWA reporting requirement may affect U.S. tax collection. • The risk that U.S.

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