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
