If you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired.
What should I report on 8938?
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution….What are the specified foreign financial assets that I need to report on Form 8938?
- Stock or securities issued by a foreign corporation;
- A note, bond or debenture issued by a foreign person;
What is Ovdp?
The Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect of those assets.
When do I need to file a Form 8938?
While the Form 8938 reports ‘specified foreign financial assets,’ not every US person who owns such foreign assets has to file a Form 8938. This is because below a certain level of aggregate asset value of foreign assets, the US person need not file a Form 8938 . This aggregate value level is also known as the Form 8938 filing threshold.
Do you have to report specified foreign financial assets on Form 8938?
Reporting specified foreign financial assets on other forms filed with the IRS. If you are required to file a Form 8938 and you have a specified foreign financial asset reported on Form 3520, Form 3520-A, Form 5471, Form 8621, Form 8865, or Form 8891, you do not need to report the asset on Form 8938.
Can a gold certificate be reported on Form 8938?
Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
What do you need to know about FATCA Form 8938?
The “FATCA” (Foreign Account Tax Compliance Act) provisions require specified individuals to report ownership of specified foreign financial assets if the total value exceeds the applicable reporting threshold. The IRS created Form 8938, Statement of Specified Foreign Financial Assets, for this purpose.
