April 3, 2012

Foreign Account Reporting Using Form 8938—Has the Service Created Compliance Traps?

Journal of Taxation
Kevin E. Packman
A new reporting obligation for taxpayers with foreign accounts, in addition to the now relatively well-known FBAR, may be ignored or dismissed by taxpayers unfamiliar with the new requirements and the accompanying penalty provisions. The government is quite serious, however, and taxpayers will run considerable risks if they fail to comply.

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