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Sunday, April 24, 2016

Foreign Financial Asset Reporting - Coming Soon to a Domestic Entity Near You

When Form 8938 reporting for foreign financial assets of U.S. taxpayers was first imposed a few years, only U.S. individuals were subject to it. The IRS has now issued final regulations that will commence reporting by domestic corporations, partnerships and trusts owning such assets. Nothing to worry about for this tax season - but next year will be different as this reporting commences for tax years starting after 12/31/15.

This reporting is imposed on "specified domestic entities." Tax preparers and advisors will have the joy of determining each year whether a domestic entity meets the new definitions.

So what is a "specified domestic entity?" For those with an interest, click here for a summary chart to help you with the analysis.

TD 9752

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