New tax forms
There is a new information reporting form that United States taxpayers will start using this tax filing season to report specified foreign financial assets for tax year 2011. The Form 8938 (Statement of Specified Foreign Financial Assets) should be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply. Form 8938, the instructions, regulations implementing this new foreign asset report and other information to help taxpayers determine if they are required to file Form 8938 is available on line at www.irs.gov/businesses/corporations/article/0,,id=251217,00.html.