First: The good news.
Good news: Hard for #IRS to collect willful #FBAR penalties. http://t.co/ko6mNccP2F Bad news: That's what Form 8938 is for.
— U.S. Citizen Abroad (@USCitizenAbroad) August 13, 2013
Now: The bad news.
Bad News: #FATCA form 8938 to replace Mr. #FBAR and become #IRS Fundraiser of choice! http://t.co/821xvANDMi #americansabroad take note!
— U.S. Citizen Abroad (@USCitizenAbroad) August 13, 2013
Hale Sheppard, who Renounce calls the FBAR Scholar, has published an article in the most recent issue of the International Tax Journal, which focuses on Form 8938. It is called “The New Duty to Report Foreign Financial Assets on Form 8938: Demystifying the Complex Rules and Severe Consequences for Noncompliance.”
He has distributed it to members of American Citizens Abroad (“ACA”) as he thought we would find it interesting, because (i) it contains a thorough analysis of the Form 8938 filing requirements and rules, incorporating guidance from various sources, (ii) it discusses the overlap between Form 8938 and the FBAR, and (iii) it explains the largely unappreciated consequences for taxpayers who fall into non-compliance. Continue reading
Phil Hodgen is an International Tax Attorney who has been mentioned occasionally by me and others. He has a blog that I always read, if and when he is posting. He has in the past offered OVDP/OVDI information and/or advice with a twist of sardonic humor which I enjoy. One thing Phil does occasionally, when he is traveling, is sends out an email called a Jell-o Shot. Continue reading
