In the Headlines
June 11, 2012

IRS Updates Questions and Answers for Reporting Foreign Assets on Form 8938

Daily Tax Report

Taxpayers got more guidance on how to report specified foreign financial assets on the Form 8938 in an updated set of frequently asked questions and answers IRS unveiled June 8, including guidance on reporting of tangible assets and the treatment of precious metals.

But according to Offshore Tax Compliance Team Chair Kevin Packman, the answers leave some uncertainties. "There is no definition as to what a 'gold certificate' is or how a taxpayer can determine if their investment classifies as such," said Mr. Packman.

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