Form 8938 Texas Collin 2021-2025

Form 8938 Texas Collin: What You Should Know

The Treasury will begin to enforce these reporting requirements by May 1, 2018. Form 8938 is Required by the Bank Secrecy Act, the AML/Money Laundering Prevention Act and Overseas Contingent The IRS, through the Foreign Bank Account Report (FBB), will begin to enforce these reporting requirements by May 1, 2018. The Foreign Bank Account Report (FBB), a.k.a. Foreign Bank Account Report (FOR), is a quarterly report that lists the name of the person filing the Form 8938 and his or her foreign bank and other financial accounts. The annual filing requirement is for a foreign business that exceeds the threshold (10,000) set for FOR. Also, this is an annual filing requirement for certain corporations and partners that exceed the threshold to report a foreign asset.  The FOR must be filed at both the FIT and DFS. FOR is filed for each month the foreign financial account exceeds 10,000. The FOR is not required to be filed with the BSA annual financials report, but you may report your FOR if so requested. The Foreign Bank Account Report (FOR) does not require the filing of the FIT annual financial report (FAR). However, it must be reported by filing BSA annual financials. If your FOR report has a non-amended Form 8938, then filing FAR with Form 8938 is not required until late May or early June 2018. If your Form 8938 reports specified foreign financial assets, then you will be required to report these assets as if they were in your FIT annual financials.  The Foreign Bank Account Report (FOR) is also required to be filed with the Bank Secrecy Act. Please note that no Foreign Bank Account Report (FOR) is required for the “other foreign financial assets” category of the financial reports. For more information on these rules and for filing instructions see the General Instructions in the Form 8938 section on page 12. Please note that Form 8938 is a quarterly report. No-FATWA Foreign Account Statement As of April 1, 2017, the FOR will also be required to include a statement with the FAR which has been called the “no-FATWA” Foreign Account Statement (FGAS). A FGAS is a separate form and should not form part of the FAR. For a review of the requirements, go here.

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