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William J. Sanders
Practice Area Chair
David N. Zimmerman
Practice Area Vice Chair
Christopher S. Abrams
John F. Crawford
Carl R. Desenberg
Erik R. Edwards
Virginia C. Gross
Susan F. Klein
D. Scott Lindstrom
Lauren K. Mack
S. Patrick O'Bryan
William B. Prugh
Thomas J. Schenkelberg
J. Harlan Stamper
Tommy W. Taylor
To learn more about
our
Tax and Business Planning
practice group, click here
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February 2012 |
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Tax and Business Planning Alert: |
New Reporting Requirement for Foreign Bank Accounts and Assets |
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The Tax and Business Planning group provides these e-Alerts periodically to keep our clients, taxpayers and businesses updated on recently adopted legislation and key changes in tax laws.
In this issue, we address the recently released final version of IRS Form 8938, Statement of Specified Foreign Financial Assets and IRS guidance related to the reporting requirement. This reporting requirement is separate and in many respects broader than the Foreign Bank and Financial Accounts (FBAR) reporting on Form TD F 90-22.1 - Report of Foreign Bank and Financial Accounts. Failing to file Form 8938 when required could result in various penalties, including a $10,000 penalty and penalties up to $50,000 for continued failure to file after IRS notification.
To learn more about this new reporting requirement and to view the entire edition of our Tax and Business Planning e-Alert, click here. If you have any foreign bank accounts or other foreign financial assets, we recommend that you contact a Polsinelli Shughart tax attorney or your current tax advisor well in advance of the filing deadline for your personal income tax return so that the necessary information may be compiled and your particular facts and circumstances may be reviewed in order to assist you in the filing of the Form 8938 on a timely basis.
For More Information
If you would like to discuss any of the items covered in this e-Alert, or discuss other matters, please contact one of the members of the Tax & Business Planning group listed below:
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ABOUT POLSINELLI SHUGHART: |
With 570 attorneys, Polsinelli Shughart is a national law firm that is a recognized leader in the areas of business law, financial services, real estate and business litigation. Serving corporate, institutional and individual clients, Polsinelli Shughart is redefining the business of law by sharing ideas, goals and outcomes with its clients. The firm builds enduring relationships by creating value through legal services – with passion, ingenuity and a sense of urgency. The firm can be found online at www.polsinelli.com. Polsinelli Shughart PC. In California, Polsinelli Shughart LLP. |
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