FATCA Section 6038D: Are You Ready For It?

Offshore Tax Compliance Team Chair Kevin Packman authored a LISI Income Tax Planning Newsletter article titled "FATCA Section 6038D: Are You Ready For It?"

On October 3, the International Revenue Service released draft instructions for Form 8938, the informational filing required by taxpayers with specified foreign financial assets. The instructions are newsworthy in that they come 18 months after FATCA was implemented, and two different draft Forms 8938 were released without instructions. While comments are requested, the article reports that the issue becomes whether the IRS will finalize Form 8938 and the instructions prior to issuing regulations.