Thursday, December 26, 2013

Foreign Account Tax Compliance Act (FATCA)

Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting is made on Form 8938, which taxpayers attach to their individual federal income tax return.

To help individuals understand how FATCA may impact their filing and reporting responsibilities, we have redesigned the IRS website and made it easier to navigate.  The main page for individuals is found at this link:  http://www.irs.gov/Businesses/Corporations/InformationforUSTaxpayers.

From this main page, the user may click on additional hot links, depending on the topic.  For example, there is a chart available (linked from this main page via a hot link) which describes types of foreign assets which may be reportable under the FATCA rules.

On the right side of this main page under the heading "Summary of Form 8938 Requirements" is another hot link to a document titled "Summary of FATCA Reporting for U.S. Taxpayers."  This document provides the best summary of the filing and reporting responsibilities for individuals and may be used as Talking Points for DOS staff responsible for communicating or researching related issues. 

No comments:

Post a Comment