Statement of Foreign Financial Assets

OUR SERVICES AND WHAT WE CAN HELP WITH

Asset Identification & Classification Determination: We can assist taxpayers with identifying which assets need to be reported.

Statute of Limitation & Audit Support: We can assist with representing taxpayers before the IRS.

Delinquent Filings: We can assist with voluntary disclosures with the IRS to mitigate penalties.

Ongoing Compliance & Monitoring: We can provide ongoing support to ensure compliance.

FATCA INFORMATION FOR INDIVIDUAL TAXPAYERS

Form 8938 Statement of Foreign Financial Assets is a compliance obligation 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. It is filed with the IRS, unlike FBAR FINCen 114. Also, unlike FBAR reporting, foreign stock or securities not held in a financial account and foreign partnership interests may need to be included with 8938, something important to be aware of.

PENALTIES

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).
Underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent.
Criminal penalties

Tax law is complex. Tax attorney ALENA MILES AIMS AT legal tax solutioNS.

Statement of Foreign Financial Assets

OUR SERVICES AND WHAT WE CAN HELP WITH

FATCA INFORMATION FOR INDIVIDUAL TAXPAYERS

PENALTIES

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