Form 8938 for Tallahassee Florida 2021-2025

Form 8938 for Tallahassee Florida: What You Should Know

Form 8938, Statement of Specified Foreign Financial Assets, includes all significant transactions, which includes interests in specified financial entities. The purpose of this proposed filing requirement is to provide tax reporting requirements for certain foreign financial assets of U.S. persons. The current filing requirement for foreign financial assets of U.S. persons has been a significant contributor to foreign tax avoidance strategies, especially through the tax-exempt status of certain foreign entities. U.S. persons should be aware that the proposed filing requirement may discourage international transactions. In particular, the proposed filing requirement could make U.S. persons think twice before engaging in certain U.S. financial transactions, such as the sale of financial assets of a listed foreign financial institution. The proposal creates a double tax on all transactions with those assets (which is intended in part to be used to discourage transactions which involve the sale or acquisition of these assets). This is bad news for U.S. taxpayers who buy, sell, exchange, and move assets among the U.S. and foreign territories. In the case of specified foreign financial assets, many of the transactions in which U.S. persons invest abroad, such as purchase and sale of a foreign brokerage account, financial account, mutual fund, etc., may generate interest income for U.S. persons (and a foreign tax credit for U.S. persons). The proposed filing requirement of Form 8938 could create a tax requirement for U.S. persons who buy, sell, exchange, or have their financial or commercial transactions carried out in the U.S. by other foreign persons or entities, such as a bank or broker (such as an affiliate of a U.S. brokerage firm) or a person who carries on a trade or business in multiple countries (such a bank). The proposed filing requirement could also result in a double tax on tax-exempt transactions or assets and real estate in a foreign country. In addition, the proposed requirement could create a double tax in the case of transactions which involve U.S. persons where: (1) U.S. persons have an interest in a foreign parent or subsidiary (through the ownership of a U.S. subsidiary); (2) the U.S. parent or subsidiary engages in certain business activities with an entity in a country where U.S. persons have a “tax home”; or (3) the U.S.

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