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New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938)
Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. IRS want to know everything.
The new IRS Form 8938 filing requirement does not replace or otherwise affect a taxpayers requirement to file FBAR. ( Foreign Bank Accounts )
Common questions asked.
Powers of Attorneys
Is a U.S. resident with power of attorney on his elderly parents’ accounts in Canada required to file an FBAR, even if the resident never exercised the power of attorney?
Yes, if the power of attorney gives the U.S. resident signature authority, or other authority comparable to signature authority, over the financial accounts.Whether or not such authority is ever exercised is irrelevant to the FBAR filing requirement.
How do FBAR filers report their accounts to the IRS?
FBAR filers report their foreign accounts by,
1. Completing boxes 7a and 7b on Form 1040 Schedule B, box 3 on the Form 1041 “Other Information” section, box 10 on Form 1065 Schedule B, or boxes 6a and 6b on Form 1120 Schedule N and,
2. Accurately completing Form TD F 90-22.1
Q. When is the FBAR due?
A. The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold.
The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR.
FBAR filers cannot request an extension of the FBAR due date.
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