Fort Worth Texas online Form 8938 2021-2025

Fort Worth Texas online Form 8938: What You Should Know

Form 8938 (Rev. November 2021). Statement of Specified Foreign Financial Assets. Department of the Treasury. Internal Revenue Service. FAR Lawyer Hanover, MD — Repeat Mo urges The Form 8938 is a mandatory, IRS form that allows the IRS to obtain information from any foreign financial entity (e.g. bank, trust, company, limited partnership, etc.) that has a resident member that is a U.S. resident or that is an entity in the United States for tax purposes. FATWA also requires Firms (e.g. investment funds, insurance firms, commercial entities, etc.) To report certain information if any such financial entity is owned by a trust or an entity in a Cayman island or British Virgin Islands for U.S. tax purposes. FAR Lawyer Hanover, MD — Repeat Mo urges This information allows the IRS to obtain information about financial resources held by the trust or entity; such information may include, but is not limited to, the trust's investment (or other) capital (including money and securities owned in trust by the trust) and other financial resources that are used to pay dividends to the trust or entity. If you own a foreign trust or an entity in the Cayman Islands or British Virgin Islands, you should report the information on the Form 8933 and any other required Form 1040, 1040A, 1040NR, or 1040NR–EZ. Note: If you own or own an entity in a Cayman island or British Virgin Islands trust, you must report the financial assets and amounts owned, directly or indirectly by the trust or foreign entity to the IRS. FATWA requires the financial assets to be listed in the form. FAR Lawyer Hanover, MD — Repeat Mo urges It is very important to include the information about ownership and amounts owned in this form because you must be responsible for the reporting of foreign financial asset amounts to the IRS. If you own a foreign trust or an entity in a Cayman island or British Virgin Islands trust, report the financial assets to the IRS.

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