Yesterday the IRS issued the final Form 8938 and accompanying instructions for reporting foreign financial assets under the Hiring Incentives to Restore Employment Act (HIRE). In essence, the new IRS form and instructions implements the compliance requirements of Section 6038D and has commonly been referred to as FATCA. The new form will be filed beginning with the 2011 tax return disclosing covered assets. A copy of the final form and instructions can be obtained by clicking of the links below.
If you have any questions regarding a potential FATCA reporting obligation, feel free to contact this Office.