Form 8938 for South Carolina 2021-2025

Form 8938 for South Carolina: What You Should Know

June 30, 2012. The form also has a separate form for “specified foreign financial assets in which a taxpayer has an affiliation (business) or partnership, directly or indirectly and which is formed outside the United States.” A taxpayer cannot have multiple designated relationships with different entities outside the United States.  “There is also a special rule for foreign corporations, which is limited to 'registered U.S. corporations.' 'Registered U.S. corporations (SIC) are non-U.S. companies established in the United States and other countries under the laws of a foreign country.'” The required filing is only for an itemization of the specified foreign financial assets and a statement of the foreign financial services the specified foreign financial assets were used in. Generally, only U.S. bank and other financial institutions need to file Form 8938. Foreign entities or partnerships need to file Form 8938, Statement of Specified Foreign Financial Assets, if they are non-financial service providers. “A service provider is defined as one that provides a transaction or service to a customer in the United States (for tax purposes), but where the transaction or service is not subject to substantial U.S. Federal income tax. Therefore, if a service provider is registered in a foreign jurisdiction, it will be required to file a Form 8938 for services provided to U.S. customers, whether the service provider directly or indirectly provides services in the United States to a U.S. customer. Service providers, however, generally have no obligation to file Form 8938 if they directly or indirectly provide services (or securities or other property) or securities to a U.S. customer; they need to report only on specified foreign financial assets.” [emphasis added] The IRS, however, is in the process of revising its FATWA tax requirements to be consistent with the FATE. The new rules will not be effective until 2015.  What Are the Requirements for Form 8938? If the value of the foreign financial asset is between 50,000 and 500,000, you will need a Form 8938. If they are over 500,000, you will need Form 8938-EZ. (Form 8938-1, Statement of Foreign Financial Assets, is similar in many ways to Form 8938, except with a higher threshold.

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