Form 8938 Carmel Indiana 2021-2025

Form 8938 Carmel Indiana: What You Should Know

U.S. House of Representatives of the FATS (Financial Institution Secrecy Act) Tax Reform Act,  the U.S. government could begin the process to provide new reporting requirements to foreign financial institutions. The FATS is a new United States financial disclosure law that requires financial institutions to report all of their U.S. account balances with nonfinancial institutions that meet certain criteria (e.g., they are U.S. residents and U.S. taxpayers). To satisfy the reporting requirements, an institution must  Provide a form to employees, the U.S. taxpayer, that is available on-line if such employee has received training or guidance on U.S. financial disclosure issues The FATS also requires financial institutions to report the income and balance of all U.S. account holders of non-financial financial institutions or other foreign financial institutions with a record of holding U.S. accounts, on form 8948. The FATS requires foreign financial institutions to report U.S. accounts held by non-nonfinancial foreign institutions (FDI). FDI are defined as foreign nonfinancial institutions with a balance exceeding 10.0 million (i.e., 50 million at the end of 2012). The U.S.-nonresident reporting threshold for FDI exceeded just 1.5 million (i.e., 10 million at the end of 2012) in 2012. Foreign financial institutions must also provide the taxpayer's tax identification number (TIN) on Form 8948. However, as the FATS imposes reporting requirements on foreign financial institutions in addition to the reporting that U.S. financial institutions face, there is a concern that reporting requirements may discourage foreign financial institutions from establishing U.S. non-fiduciary and other accounts (including U.S. accounts with U.S. residents) (See Section 1. B above). Foreign financial institutions may also be deterred from providing their U.S. taxpayers with a U.S. account if the U.S. taxpayer expects that all U.S. account balances will be reported under the FATS. In addition, foreign financial institutions will face a potential penalty fee if they fail or refuse to provide information on Form 8948 to the U.S. taxpayer if it is required to comply with the FATS. This penalty could range from 5% of any amount reported to 50% of any balance reporting of any U.S. account holder.

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