New Foreign Financial Asset Reporting Requirement with Deadline of April 17, 2012

By on March 29, 2012

by Ira B.  Mirsky, Karen A. Simonsen, Todd A. Solomon and Adrienne Walker Porter

The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers holding foreign financial assets, including an interest under a foreign pension or deferred compensation plan and foreign equity awards, to report those interests beginning with this tax filing season.  Taxpayers who fail to meet their obligation to file Form 8938 are subject to significant penalties.

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