Form 8938 for Montgomery Maryland 2021-2025

Form 8938 for Montgomery Maryland: What You Should Know

Form 8938 is also required if any of the following applies to a nonresident. A. A nonresident alien who does business with U.S. persons or who has financial assets that may be subject to the BSA is responsible for reporting them to the Taxpayer Advocate Foundation, P.O. Box 200307, Austin, TX 78, or a Taxpayer Advocate who provides services for non-U.S. taxpayers. NOTE: Certain banks and securities broker/dealers need to file a Statement of Specified Foreign Financial Assets with the FDIC-Form 8939 — Foreign Financial Assets. Foreign Financial Account Report (FAR), (form 8938) is used, as outlined here, for filing and reporting foreign financial account transactions subject to the Bank Secrecy Act (BSA). For U.S.-based financial accounts, Form 8938 must be filed if the nonresident individual did business with U.S. citizens, residents, or residents of this country during the year, or if the nonresident individual's financial account or other assets are subject to the BSA. If Form 8938 is provided instead of filing a SAR, the taxpayer will not have to comply with the filing requirements of the BSA for reporting foreign financial accounts until December 31, 2019, as set forth in paragraph (b)(6) of this section.  The IRS does not currently have any guidance with respect to the filing of Form 8938 in connection with the Nonresident Alien Exclusion for individuals who report only a U.S. financial account. In the past, however, the IRS has provided guidance indicating that the taxpayer may file the Form 8938, and under certain circumstances, the Form 938, and that some taxpayers may be eligible for an adjustment for a past filing. Such additional filing requirements are beyond the scope of this guidance letter. IMPORTANT NOTICE: Under section 6662(d)(1)(B)(iv) of the Internal Revenue Code, a foreign financial account (FFA) includes any account held directly, or through persons or entities treated as a single owner for U.S. federal income tax purposes, under a deferred transaction agreement (DTA).

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