2013 8938 form-2025

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Form 8938 is a tax form used by U.S. taxpayers to report specified foreign financial assets to the Internal Revenue Service (IRS). It requires detailed information about foreign deposit and custodial accounts, as well as other foreign assets, including their maximum values and any transactions during the tax year. The form also includes sections for reporting exceptions and provides instructions for completing the form.

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Do I have to file form 8938?

Form 8938 is required if you meet specific criteria associated with any foreign assets in your name. In some cases, you may only need to file a FBAR and in other cases, you may need to file both forms.

What happens if you dont report foreign assets?

The maximum penalty for unreported offshore accounts is still $10,000 per year (regardless of how many accounts were unreported) if the taxpayer can prove the reason for noncompliance was inadvertent or non-willful behavior. Thats still $10,000 per year for failing to file an FBAR, best case scenario.

Who is required to file IRS form 8938?

Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). FATCA information for individuals | Internal Revenue Service irs.gov businesses corporations fatca-in irs.gov businesses corporations fatca-in

What is the penalty for a US person who fails to accurately file form 8938?

The failure to timely file a Form 8938 (or timely filing a Form 8938, but one which was incorrect or incomplete) is subject to a $10,000 penalty for each year of noncompliance.

When did form 8938 come into effect?

Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayers annual income tax return. Do I need to file Form 8938, Statement of Specified Foreign Financial irs.gov businesses corporations do-i-ne irs.gov businesses corporations do-i-ne

What happens if you dont file form 8938?

Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold. About Form 8938, Statement of Specified Foreign Financial Assets irs.gov forms-pubs about-form-8938 irs.gov forms-pubs about-form-8938

Do you file both FBAR and 8938?

For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year. Filing Requirements for Those With Foreign Assets, Form 8938 sambrotman.com filing-requirements-for-t sambrotman.com filing-requirements-for-t

Does form 8938 trigger audit?

Individuals must report foreign assets worth at least $50,000 on the new Form 8938. Failing to report foreign assets can lead to an audit.

2013 8938 form-2025

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