Hone Maxwell LLP > Tax News

    IRS Announces Tax Filing Season Opening

    January 9, 2013

    After the tax changes and updates made by the American Taxpayer Relief Act on January 2nd, there were questions as to when the IRS would be ready to accept tax returns.  As of yesterday, The IRS has announced that after updating forms and testing its processing systems they will begin accepting many tax returns on January 30th for the 2012 tax year.  However, some taxpayers with certain tax issues or more complex tax returns may have to wait until a later date as other forms and processes are changed to conform to the new tax laws.

    Taxpayers with basic tax returns, including tax returns affected by the Alternative Minimum Tax, should be able to file at the new deadline.  Taxpayers who will have to wait for further changes include anyone filing Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization), Form 3800 (General Business Credit), and other forms listed at IRS.gov.  However, many taxpayers with more complex tax returns and these additional forms generally tend to file near the April 15th deadline or file an extension anyways.

    During tax return season it is always better to be prepared as early as possible.  Even if you do not file the return as soon as it is prepared, beginning the process can allow you and your tax preparer to discuss questions or look for planning opportunities.  Also, if you are going to have a tax amount due you can prepare for the payment or decide if you will have to work out an installment agreement or other arrangements.

    As you work with your tax preparer to begin the tax return process, contact us at Hone Maxwell LLP if you have any questions or need assistance with potential current or future issues.

    Hone Maxwell LLP > Tax News

    The Fiscal Cliff: Key Tax Issues to Watch as Year-End Approaches

    November 29, 2012

    You can’t open a newspaper or turn on a new channel without hearing about it, the looming “fiscal cliff”.  Congress and the President are now facing a pile of unfinished tax business some of which has been lying around for years.  Below are some of the most important unresolved personal tax issues to watch for and be aware of as we head into the New Year.

    Bush Tax Cuts on Ordinary Income: The current ordinary income tax rate brackets of 10%, 15%, 25%, 28%, 33%, and 35% will be replaced in 2013 by the pre-Bush brackets of 15%, 28%, 31%, 36% and 39.6%. If this happens it will mean across-the-board rate hikes for American taxpayers.

    Bush Tax Cuts on Long-Term Capital Gains and Dividends: The current 0% and 15% rates on most long-term capital gains will rise to 10% and 20% in 2013. The current 0% and 15% rates on dividends will be replaced by ordinary income rates, which as mentioned above, are also scheduled to increase.

    Harsher Marriage Penalty: The Bush tax cuts include several provisions that alleviate the marriage penalty. Currently, the bottom two tax brackets for married couples that filed jointly are twice as wide as for singles. This helps ease the impact of the marriage penalty on lower and middle-income couples. Starting next year, the joint-filing brackets are scheduled to shrink, causing higher tax bills for many couples that file jointly. Furthermore, the current standard deduction for married joint-filing couples is double the amount for singles. However, beginning next year, the joint-filer standard deduction is scheduled to fall back to roughly 167% of the amount for singles.

    Personal Exemption and Itemized Deduction Phase-Outs: For 2010-2012, these rules were phased out themselves.  Both are scheduled to come back starting next year unless changes are made.

    Alternative Minimum Tax (“AMT”): Each year Congress has “patched” the AMT rules to prevent millions from getting socked with this add-on tax. The patch job consists of allowing bigger AMT exemptions and allowing various personal tax credits to offset the AMT.  Thus far, we are still waiting for this year’s patch.

    Payroll Tax Holiday: For 2012, the payroll tax holiday cut Social Security tax rates on salaries and self-employment income by 2%. This holiday is scheduled to end at the end of this year.

    Estate Tax: For those who pass away this year, we currently have a generous $5.12 million federal estate tax exemption. Estates worth less than that figure will owe nothing to the government. Estates worth more will owe a flat 35% tax on the excess. Next year, the estate tax exemption is scheduled to drop significantly to only $1 million, and the maximum tax rate is scheduled to rise to 55%. This is pretty alarming when you consider that the value of an estate for tax purposes includes all of the decedent’s assets plus proceeds from insurance policies on the decedent’s life (unless the insurance is set up so that the decedent is not considered to own the policies).

    Hone Maxwell LLP > Tax News

    Beware, “pennies on the dollar” might be the value of services you receive and not your tax savings.

    November 8, 2012

    Everyone has seen the commercials.  They used to play only late at night, but recently they can be found almost any time of day and on almost any network.  First, they scare you with the potential power of the IRS – liens, levies, wage garnishments.  Not to say that the IRS does not have this power, but they only use it as a last resort.  Next, they tell you if you owe $10,000 or more you can avoid all these problems by settling your tax case for “pennies on the dollar.”

    The truth is, settling a tax debt for less than what is owed is not always an option, and is not nearly as common (or easy) as these commercials make it appear.  When faced with a large tax debt, you should do a few things.  First, you must understand under what circumstances the IRS will consider settling a tax debt for less than the full amount due, and if this is a realistic option for your specific situation.  Next, you must make sure you do not pay unnecessary fees and you hire a tax professional that will put your needs first and be honest about your resolution options.

    Do you qualify?

    The resolution option these commercials are referring to with the “pennies on the dollar” tagline is called an offer in compromise.  An offer in compromise is essentially an offer to settle your tax debt for less than the total owed. The key to understanding how this works is to know that the IRS reviews an offer in compromise on an objective basis.  Contrary to what many people believe, a tax professional cannot call the IRS and negotiate a lower debt on mere good faith or bargaining skills.  The IRS looks at all relevant financial factors and determines if the offer in compromise will provide them with the greatest anticipated collection on the debt.

    For example, if a taxpayer owes $24,000 and the financial information shows the taxpayer can afford $1,000 per month in disposable income after expenses, the IRS will require monthly installments for about two years to collect the full amount of the debt, rather than settling for a lesser amount now.    However, if a taxpayer owes $24,000 and the financial information shows the taxpayer can only afford $25 per month after allowable expenses, it could be a different story.  In this case, it would take the IRS roughly 80 years to collect the full debt using a monthly installment agreement.  A lot of things can happen in this amount of time, not the least of which is the statute of limitations possibly closing on the time the IRS is legally entitled to collect the debt.  Therefore, a taxpayer in this scenario could offer a lower settlement amount, generally paid over 6 months or less, which is borrowed from a friend, family member, or some other source.  If the IRS believes this offer represents the best opportunity to collect on the debt, they will accept the offer.

    Another factor the IRS will consider is whether you have available assets to pay the debt.  For instance, if in the second scenario the taxpayer only has $25 per month to spend but has $50,000 in a retirement account or $25,000 in a savings account, the IRS will ask that these resources be used to pay the debt.  The IRS will also consider things such as past earnings, potential for future earnings, licenses the taxpayer can use to generate revenue, age, health and any other relevant factor.  Overall, the determination is always made based on what will allow the IRS to maximize collection on the debt.

    Avoiding Unnecessary Fees

    As you can see, not everyone will qualify for an offer in compromise.  Tax professionals can rarely be certain, but in many cases a good tax professional can determine before an offer in compromise is even submitted if it is a feasible option.  If it is not a realistic option, the tax professional should suggest other options to resolve the tax debt, such as an installment agreement (i.e. payment plan).  This is where the determination of qualifying for an offer in compromise can lead to unnecessary fees.  You should ensure when paying fees or a retainer that the analysis provided will be a comprehensive analysis of all viable options for your tax debt.  You do not want to pay to find out you are not a good candidate for an offer in compromise, and then have to pay an additional fee to have your facts reexamined to determine another option.  The tax professional should review your information, determine the possible options, then discuss these options with you, along with the associated risks, so you can make an informed decision.

    Of course, offers in compromise do get denied and even the best tax professionals cannot predict with certainty the likelihood of success for every set of facts.  Good tax professionals can merely give their opinion if you are a good candidate for an offer in compromise and then leave the decision to you if the cost is worth the risk.  You should be weary of a tax professional that requires large initial fees to simply review your information or makes claims of a 100% success rate. In the end, you need to have as much information as possible to make an informed decision, and should work with your tax professional to choose the best option for you.

    Hiring a Tax Professional

    Hiring a competent and dedicated tax professional can be a real challenge.  However, it is imperative that you make every attempt to ensure you are hiring a competent and dedicated tax professional.  Television commercials and mass marketing companies using the phrase “pennies on the dollar” may very well be legal businesses with qualified professionals, however, recent history suggests you should be cautious when hiring these companies.  Companies such as JK Harris & Company, Roni Deutch, and TaxMasters have all run into legal problems.  There are extensive articles about the deceptive practices used by some of these companies and the lack of personal care and service provided to clients.  Determining the best option for resolving a tax debt is a skill that not only requires technical expertise, but also a familiarity with the unique facts of a taxpayer’s personal situation.  The larger an organization, or the more layers of people involved, the less likely the final decision maker will be intimately involved or knowledgeable on the specific facts.

    Additionally, an offer in compromise is not a quick or simple process.  From the first meeting to the final determination can take many months, if not more than a year.  During this time, you need to be cautious of a few things.  You will want to make sure the collections department at the IRS understands an offer in compromise has been filed to ensure that collection activities are stopped while the offer is under consideration.  You will also want to make sure your tax professional is monitoring your overall tax situation to make sure nothing happens in the interim that could affect the offer.  Lastly, you need to be prepared to work closely with your tax professional to respond to requests for additional information or questions the IRS may have.  When filing an offer in compromise your fees should not simply cover the paperwork to be completed and submitted, but instead, your fees should cover a comprehensive plan which includes carrying the offer from beginning to end and addressing all points in between.

    How to avoid the pitfalls

    Resolving your tax debt is not as simple as calling a phone number from an advertisement.  Only certain financial situations will qualify for an offer in compromise, and even then it is more complex than simply filling out a form and dropping it in the mail.  Therefore, it is imperative that you hire a qualified, competent professional who is going to put your needs first and do what is best for you in order to resolve your tax issue.

    Before paying fees or a retainer, make sure you discuss with your tax professional in detail how your case will be resolved, including options if it is determined you are not a good candidate for an offer in compromise.  Also, prior to choosing an offer in compromise as the best option, the tax professional should give feedback on their analysis of whether you are a good candidate or if there is potentially a better (or more realistic) option to resolve your tax debt.  As mentioned, this is not an exact science, but a reasonable conversation and discussion of the process, your specific facts, and your options, can give you the information needed to decide if the costs and risk of denial are worth it.

    Choosing the right tax professional is difficult.  A good starting point is to seek recommendations from family and friends or other trusted professionals.  You should also review credentials online, if available, and search for any reviews or comments.  Of course your final decision should always be made after meeting with the professional to make sure you are comfortable with the individual and their process for handling your tax debts.

    Tax debts can be frightening and intimidating.  Having good information and making informed decisions can make the process less daunting and will help ensure that you do not fall prey to deceptive tag lines.

    Contact Hone Maxwell LLP today for an assessment of your case.

    Hone Maxwell LLP > Tax News

    Whistleblower and Tax Cheat Receives $104m Reward from the IRS

    September 27, 2012

    The Internal Revenue Service (IRS) has awarded Bradley Birkenfeld – a tax cheat and whistleblower – $104 million for providing information about UBS’s promotion of secret offshore accounts to U.S. taxpayers.  Mr. Birkenfeld had recently been released from jail after serving a portion of a 40-month sentence after pleading guilty to withholding information about his own role in the Swiss bank scheme.

    The disclosure of Swiss banking information set off a panic among wealthy Americans and more than of them entered a tax amnesty program.  According to the IRS the amnesty program has helped recover more than $5 billion in unpaid taxes.

    Mr. Birkenfeld’s award was paid under a 2006 law passed by Congress that awards whistleblowers up to 30 percent of the revenue they help to recover with the information that they supply to the IRS.  The 2006 targets high-income tax cheats, guaranteeing rewards for qualified whistleblowers if the company in question owes at least $2 million in unpaid taxes, interest and penalties.

    If you have offshore accounts that have not been disclosed to the IRS call Hone Maxwell LLP today.

    Hone Maxwell LLP > Tax News

    Will California FTB Collections Be Calling You?

    August 15, 2012

    In July, the California Franchise Tax Board (FTB) began implementing an automated dialer to make outbound collection calls to individual taxpayers as an effort to prevent collection actions such as tax liens, bank levies, and wage garnishments. In September the FTB will implement an automated dialer for business entity taxpayers.

    In all cases, the FTB has attempted to purge the call lists of taxpayers with current representation agreements on file.  Only those taxpayers without valid powers of attorney on file should be receiving calls.

    Taxpayers entering the collection process, who do not respond timely to their final collection notice, may receive a call.  A taxpayer who is already in the collections process may receive calls from FTB’s automated dialer, which connects them to a collector who will work with them to resolve their issue.

    Taxpayers who feel they have been contacted in error may call the FTB at 888-895-8125. The broadcast also offers an additional menu selection to tell FTB that the call is in error.

    If you receive a call from FTB Collections regarding past due taxes, call Hone Maxwell LLP today for assistance.

     

    Hone Maxwell LLP > Tax News

    IRS assistance for delinquent U.S. taxpayers living abroad? Sort of.

    July 31, 2012

    The IRS is still in the midst of its third Offshore Voluntary Disclosure Program.  This program allows U.S. taxpayers who have failed to report foreign financial accounts and income to become compliant and avoid facing criminal prosecution.  However, now the IRS has announced an additional program to assist U.S. taxpayers living abroad to become compliant.  The new procedures will allow qualifying taxpayers to catch up on filing the foreign bank account reports and U.S. tax returns in general.

    Many U.S. taxpayers living abroad do not understand their tax filing obligations or simply fall behind .  The IRS has now announced a program that allows these taxpayers to come forward and become compliant on past filings.  The program will be open to taxpayers who are considered low compliance risks, which is described as taxpayers with simple returns that owe $1,500 or less in tax.  Taxpayers that do not fit this description are expected to enter the 2012 Offshore Voluntary Disclosure Program.  To enter the new program, taxpayers must file 3 years of past due income tax returns, 6 years of foreign bank account reports (FBARs) and any other required informational returns.  The IRS will then review the returns and determine if the taxpayer is a low compliance risk and eligible for the new program.

    Despite this new program being announced as an aid to taxpayers, at this time the program appears to offer few benefits.  Taxpayers are still subject to penalties and interest and are not guaranteed amnesty from potential criminal prosecution.  If the IRS feels criminal prosecution is warranted the taxpayer does not have any protection by entering the program.  In fact, the IRS specifically advises taxpayers fearful of criminal prosecution to file with the Offshore Voluntary Disclosure Program.  However, it is very rare that the IRS seeks criminal prosecution for simple returns with little or no tax due.  The IRS has said that qualifying returns will have expedited processing and will not be subject to further review, but again simple returns with little or no tax due are not generally at high risk for audit anyway.  Overall, given the limited benefits, this new program appears to simply be an effort to discourage taxpayers from submitting past due returns through normal filing processes sometimes referred to as “quiet disclosure”.  The IRS would prefer this program to quiet disclosure because it would give them direct notice of all the taxpayers who have been delinquent on their filings.  However, through quiet disclosure it is possible for returns to be processed and resolved without ever being reviewed.

    The IRS has still not released the final details of the program, but says the information is forthcoming before the program takes effect on September 1st.  In the meantime, taxpayers considering this program should consult with an attorney for a thorough analysis of their specific situation to determine the best strategy for becoming compliant. If you have undisclosed foreign financial assets, unfiled tax returns, and/or undisclosed foreign income contact Hone Maxwell LLP today.

    Hone Maxwell LLP > Tax News

    Do you owe back taxes? You could lose your passport.

    May 2, 2012

    Currently, there is a bill in the process of being approved by Congress, which would not allow Americans to leave the country if they owe certain tax debts.   Senate Bill 1813, which has already been passed by the Senate, would give the Secretary of State the authority to revoke or deny a passport to any U.S. citizen with a “significant tax debt.”  A “significant tax debt” is defined as an IRS debt of $50,000 or more, in which a lien or levy notice has been issued.

    The bill is gaining strong opposition because the authority to revoke or deny the passport does not require any judicial proceeding.  The action of revoking or denying the passport is strictly an administrative procedure without any due process provisions.  Many people disagree with this application because often times the IRS debt is in dispute.  Additionally, the taxpayer does not have to be convicted of tax evasion or any crime, only that the debt must meet the requirement.

    Although the bill is expected to receive opposition from the House Republicans, it does have a lot of supporters.  Much of this support is gained from the fact that the provision is expected to raise $750 million in tax revenue.

    There is some opportunity for relief.  If a collection due process hearing has been requested on the debt collection or if the debt is actively being paid through an approved installment agreement, the provision does not apply.  Therefore, for taxpayers with an IRS debt of $50,000 or more it is imperative to setup a payment plan and put their tax debt in good standing so that they do not risk losing the privilege of having a valid U.S. passport.

    Don’t risk losing your passport.  If you have a tax debt, call Hone Maxwell LLP today so we can assist you in resolving your tax debt.

    Hone Maxwell LLP > Tax News

    IRS Resurrects Offshore Voluntary Disclosure Program (OVDP)

    March 5, 2012

    The IRS recently announced the resurrecting of the Offshore Voluntary Disclosure Program (OVDP) after its collection of more than $4.4 billion in back taxes from those programs in 2009 and 2011. The third offshore program is similar to its 2009 and 2011 predecessors with a few key differences:

    • The new program does not have an application deadline.
    • Under the new penalty structure, individuals are required to pay a penalty of 27.5% (up from 20% in 2009 and 25% in 2011) of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during each of the eight full tax years prior to their disclosure.
    • Taxpayers must file all original and amended tax returns and information returns, including the Report of Foreign Bank and Financial Accounts (FBAR) and pay all back-taxes and interest for up to eight years as well as any accuracy-related and/or delinquency penalties. Installment payouts of the liability or an offer in compromise may be available in some cases.
    • Taxpayers may “opt out” subjecting themselves to an audit if they deem the penalty structure to be either disproportionate or unwarranted in their situation.

    A taxpayer considering making a voluntary disclosure should consult with experienced legal counsel, which is privileged communication under the attorney-client privilege. Please note that a disclosure made to a taxpayer’s accountant is not a privileged communication and the IRS could later use the taxpayer’s accountant as a witness against the taxpayer.

    The decision whether to make a voluntary disclosure must consider the differences in the financial consequences of participating in the new program, opting out of the new program or making a traditional, potentially less-rigid voluntary disclosure. A careful analysis of the case should establish exactly what years are open under the statute of limitations; the extent of additional tax and interest due; what tax penalties are appropriate; and what other information-return penalties may apply in cases involving corporations, trusts, gifts, foreign accounts, and other business entities.

    For assistance in determining whether participating in the Offshore Voluntary Disclosure Program, opting out of the new program or making a traditional voluntary disclosure is best for you contact Hone Maxwell LLP today.

    Hone Maxwell LLP > Tax News

    The IRS’s Top Tips Every Taxpayer Should Know About Identity Theft

    January 19, 2012

    Identity theft often starts outside of the tax administration system when someone’s personal information is unfortunately stolen or lost. Identity thieves may then use a taxpayer’s identity to fraudulently file a tax return and claim a refund. In other cases, the identity thief uses the taxpayer’s personal information in order to get a job. The legitimate taxpayer may be unaware that anything has happened until they file their return later in the filing season and it is discovered that two returns have been filed using the same Social Security number.

    Here are the top 13 things the IRS wants you to know about identity theft so you can avoid becoming the victim of an identity thief.

    1. The IRS does not initiate contact with taxpayers by email to request personal or financial information. The IRS does not send emails stating you are being electronically audited or that you are getting a refund.
    2. If you receive a scam e-mail claiming to be from the IRS, forward it to the IRS at phishing@irs.gov.
    3. Identity thieves get your personal information by many different means, including: stealing your wallet or purse; posing as someone who needs information about you through a phone call or
 email; looking through your trash for personal information; accessing information you provide to an unsecured Internet site.
    4. If you discover a website that claims to be the IRS but does not begin with ‘www.irs.gov,’ forward that link to the IRS at phishing@irs.gov.
    5. To learn how to identify a secure website, visit the Federal Trade Commission at www.onguardonline.gov/tools/recognize-secure-site-using-ssl.aspx.
    6. If your Social Security number is stolen, another individual may use it to get a job.  That person’s employer may report income earned by them to the IRS using your Social Security number, thus making it appear that you did not report all of your income on your tax return.  When this occurs, you should contact the IRS to show that the income is not yours.  Your record will be updated to reflect only your information.  You will also be asked to submit substantiating documentation to authenticate yourself. That information will be used to minimize this occurrence in future years.
    7. Your identity may have been stolen if a letter from the IRS indicates more than one tax return was filed for you or the letter states you received wages from an employer you don’t know.  If you receive such a letter from the IRS, leading you to believe your identity has been stolen, respond immediately to the name, address or phone number on the IRS notice.
    8. If your tax records are not currently affected by identity theft, but you believe you may be at risk due to a lost wallet, questionable credit card activity, or credit report, you need to provide the IRS with proof of your identity.  You should submit a copy of your valid government-issued identification – such as a Social Security card, driver’s license, or passport – along with a copy of a police report and/or a completed IRS Form 14039, Identity Theft Affidavit, which should be faxed to the IRS at 978-684-4542.  Please be sure to write clearly.  As an option, you can also contact the IRS Identity Protection Specialized Unit, toll-free at 800-908-4490.  You should also follow FTC guidance for reporting identity theft at www.ftc.gov/idtheft.
    9. Show your Social Security card to your employer when you start a job or to your financial institution for tax reporting purposes.  Do not routinely carry your card or other documents that display your Social Security number.
    10. For more information about identity theft – including information about how to report identity theft, phishing and related fraudulent activity – visit the IRS Identity Theft and Your Tax Records Page, which you can find by searching “Identity Theft” on the IRS.gov home page.
    11. IRS impersonation schemes flourish during tax season and can take the form of e-mail, phone websites, even tweets.  Scammers may also use a phone or fax to reach their victims.  If you receive a paper letter or notice via mail claiming to be the IRS but you suspect it is a scam, contact the IRS at http://www.irs.gov/contact/index.html to determine if it is a legitimate IRS notice or letter.  If it is a legitimate IRS notice or letter, reply if needed.  If the caller or party that sent the paper letter is not legitimate, contact the Treasury Inspector General for Tax Administration at 1-800-366-4484.  You may also fax the notice/letter you received, plus any related or supporting information, to TIGTA.  Note that this is not a toll-free FAX number 1-202-927-7018.
    12. While preparing your tax return for electronic filing, make sure to use a strong password to protect the data file.  Once your return has been e-filed, burn the file to a CD or flash drive and remove the personal information from your hard drive.  Store the CD or flash drive in a safe place, such as a lock box or safe.  If working with an accountant, you should ask them what measures they take to protect your information.
    13. If you have information about the identity thief that impacted your personal information negatively, file an online complaint with the Internet Crime Complaint Center (IC3) at www.ic3.gov. The IC3 gives victims of cyber crime a convenient and easy-to-use reporting mechanism that alerts authorities of suspected criminal or civil violations. IC3 sends every complaint to one or more law enforcement or regulatory agencies that have jurisdiction over the matter.

    This and other information regarding identity theft can be found on the IRS’s website at www.irs.gov.

    Hone Maxwell LLP > Tax News

    Foreign Financial Asset Reporting

    January 5, 2012

    In the coming days the Internal Revenue Service (IRS) plans to release a new information reporting form that taxpayers will use to report specified foreign financial assets for tax year 2011 forward.

    Form 8938 – Statement of Specified Foreign Financial Assets – will 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.

    The Form 8938 filing requirement was enacted in 2010 to improve tax compliance by U.S. taxpayers with offshore financial accounts. Individuals who may have to file Form 8938 are U.S. citizens and residents, nonresidents who elect to file a joint income tax return and certain nonresidents who live in a U.S. territory.

    Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds and thresholds for taxpayers who reside abroad are higher.

    Instructions for Form 8938 explain the thresholds for reporting, what constitutes a specified foreign financial asset, how to determine the total value of relevant assets, what assets are exempted, and what information must be provided.

    Form 8938 is not required of individuals who do not have an income tax return filing requirement.

    The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file a Report of Foreign Bank and Financial Accounts also known as an FBAR.

    Failing to file Form 8938 when required could result in a $10,000 penalty, with an additional penalty up to $50,000 for continued failure to file after IRS notification.  A 40 percent penalty on any understatement of tax attributable to non-disclosed assets can also be imposed. Special statutes of limitation rules also apply to Form 8938.

    Form 8938, the form’s instructions, regulations implementing this new foreign asset reporting, and other information to help taxpayers determine if they are required to file Form 8938 can be found on the FATCA page of irs.gov.

    For assistance in determining your compliance obligations regarding foreign assets contact Hone Maxwell LLP today.

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