Form 8938: Taxpayers Obligation to Submit Even More Information to the IRS

Offshore Tax Compliance Team Chair Kevin Packman authored an EDGE Magazine article titled "Form 8938: Taxpayers Obligation to Submit Even More Information to the IRS."

FATCA created a new annual filing for U.S. taxpayers with specified foreign financial assets. According to Mr. Packman, the filing obligation, which is referenced in Section 6038D, requires taxpayers to report specified foreign financial assets when the aggregate value exceeds $50,000. Mr. Packman writes that taxpayers and practitioners alike should note that the reporting requirement is much broader than the FBAR, so it is possible that individuals who do not have an FBAR filing obligation may be subject to the FATCA reporting requirement.