Recently the IRS issued temporary and proposed regulations regarding the new specified foreign financial asset disclosure rules under section 6038D. These regulations are applicable to 2011 tax returns. While at first glance the Form 8938 looks to be a duplication of the FBAR reporting requirements, Reg. §1.6038D et seq. presents separate criteria and independent consequences. Form 8938 does not replace or otherwise affect a taxpayer’s obligation to file the FBAR, although the information disclosed on Form 8938 does overlap with the FBAR rules. Because the new filing requirement is applicable to 2011 income tax returns, tax professionals and return preparers need to be familiar with Form 8938 and its implications. Come join our discussion and gain an understanding of the new reporting rules, what documentation needs to be gathered, how this reporting obligation interacts with the FBAR rules, and what you need to know to avoid missteps during the coming tax filing season.
We look forward to a lively discussion and hope to see you here.
Please feel free to invite other members of your firm.
Garvey Schubert Barer
Second & Seneca Bldg. 18th Floor
1191 Second Ave. Seattle, WA 98101
Cost: Complimentary. Breakfast will be served.
Parking: Complimentary. Parking in building.
To Regiser: Contact Lauren Feeney or (888)768-5939 x1301