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    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #1

    Dec 3, 2011, 08:18 PM
    Specified foreign financial assets (SFFA) Form 8938
    All U.S. citizens and residents who have foreign accounts and foreign assets must be aware of another filing requirement Form 8938 besides Form Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts and many other forms. The form is currently in draft stage and non filing penalities are as harsh as for Form TD F 90-22.1.
    A specified U.S. person must file Form 8939 if foreign assets increase the threshold amount ($50,000). A specified person includes (1) a U.S. citizen, (2) a resident alien, (3) a nonresident alien who elects to be treated as a resident alien for purposes of filing a joint income tax return, and 4) a nonresident alien who’s a bona fide resident of American Samoa or Puerto Rico.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 4, 2011, 10:33 AM
    You can read the IRS release on this form at the link below:

    http://www.irs.gov/irb/2011-29_IRB/ar06.html
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