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Foreign Financial Accounts and Assets Reporting and the 2011 OVDI

The Service has announced the launch of an initiative to give taxpayers the opportunity to voluntarily disclose previously-undisclosed offshore financial accounts and assets. IR-2011-14 (issued on February 8, 2011) explains that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) is "designed...

Reporting Specified Financial Assets and Form 8938

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...

Reporting Specified Financial Assets and Form 8938

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...