Form 8938 MS 2021-2025

Form 8938 MS: What You Should Know

Feb 11, 2025 — As a result of changes for FTTB and SSN, foreign banks operating in the United States will no longer be considered tax havens under the Foreign Bank Account Tax Compliance Act (FATWA); this provision has the effect of increasing withholding in order to impose an additional tax on any funds deposited under a foreign non-U.S.  The United States tax rules require U.S. taxpayers with a functional currency that is not in American dollars (e.g., a foreign currency) to report transactions or transactions of foreign financial accounts to tax authorities (the report is required of all U.S. individuals, trusts, estates, estates of decedents, and persons that are not U.S. persons.)  This report is designed to help you prepare a financial report required by the IRS for the purposes of the foreign financial accounts reporting requirements at U.S. Social Security Numbers by U.S. Trustees · 2025 · Cited by 39 — The Form 8938 forms you need to file are: 1) Form 8938, Statement of Specified Foreign Financial Assets; 2) Form 8938, Statement of Specified Foreign Financial Assets Related to a U.S. Reportable Account; 3) Form 8938, Statement of Specified Foreign Assets Related to a U.S. Reportable Account Related to a Related Foreign Bank Account (Form 8938-A or Form 8938-R); 4) Form 8938, Statement of Specified Foreign Financial Assets Related to Related Foreign Bank Accounts (Form 8938-S); 5) Form 8818, Statement of Specified Foreign Financial Assets; 6) Form 8819, Statement of Specified Foreign Financial Assets Related to Related Foreign Bank Accounts; 7) Form 8973, Statement of Specified Foreign Financial Assets—Individual Retirement Arrangements (IRA); 8) Form 2350A, Statement of Specified Foreign Financial Assets (Individual Retirement Arrangements (IRA)). For More Information about FTTB: Foreign Bank Account Tax Compliance Act (FATWA) by The Sheppard · 2025 · Cited by 1 — The Foreign Bank Account Tax Compliance Act (FATWA) is a new U.S. tax law enacted in 2025 by the U.S. Congress to increase the tax paid on financial transactions conducted by U.S.

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