Form 8938 Threshold (2018) – IRS Penalties for Non-Compliance

Form 8938 Threshold (2018) – IRS Penalties for Non-Compliance Form 8938 Threshold (2018) – IRS Penalties for Non-Compliance (Golding & Golding) Form 8938 is similar to the FBAR (Report of Foreign Bank and Financial Account Form), but it is more comprehensive and actually much more dangerous. Why? Because with the FBAR, a person is simply reporting their foreign accounts and the form itself is not filed alongside the tax return. Rather, it is filed directly with FinCEN. Form 8938 is filed with your tax return and requires much more detail and data regarding Foreign Income. Form 8938 Form 8938 derives from FATCA (Foreign Account Tax Compliance Act). This form is used to alert the IRS regarding your foreign accounts, assets and investments which are subject to reporting. It is much more detailed than the FBAR, and requires additional reporting requirements such as: The currency and exchange rate used If the account/asset earned any income The type of…

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