NY Form 8938 2021-2025

NY Form 8938: What You Should Know

Failure to Report: 10,000 per form. What are the Penalties? The penalties and statute of limitations can be triggered in the event that an individual fails to file (FATWA 90-103). The penalty can be paid by the IRS on a schedule made up of 1) actual interest incurred by the taxpayer on the unpaid balance, and 2) three percent per year of the total annual interest rate on the unpaid balance up to the due date. IRS Tax Tip: The Notice of Liability (Form 8938) for Failure to Filer (Revised September 1, 2017) This form will ask for the name, address, bank and country of the bank as well as the name of the overseas entity that is holding the interest on the account. Taxpayer's name, address, bank, and account number(s) will be included on the form. The penalty amounts are in the form. IRS Tax Tip: A New Penalty For Failure to File: The Suspicious Activity Report (FATF) F-1 Filing Penalty If an investor who has reported foreign financial assets on the Form 8938 that the taxpayer has not reported on form 8938-A fails to file it, in accordance with the law, a new penalty will be assessed, which can either be paid by the taxpayer as a lump-sum penalty of the greatest of 1,000 or 30% of the unpaid balance in the case of Form 8938-A. The filing penalty can be either paid by the taxpayer before the 90-Day period following the date the Form 8938-A was filed or paid by the IRS or filed by the taxpayer. Tax Tip: If the taxpayer fails to file the Form 8938-A by the 90-Day Period Filing Deadline, then a Suspicious Activity Report (FATF) Form (form 8938-D) will be sent to the taxpayer by the IRS.  The FATE (FATF) F-1 Reporting Penalty If an investor fails to report foreign financial assets on the Form 8938 that the taxpayer has not reported on form 8938-B, and there is a reasonable basis to believe that the investor has been willfully failing to report those assets, the FATE is triggered, as indicated above, and the penalties, as described on form 8938-A, and as listed on the Form 8845, may be assessed on the investor.

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