“The Foreign Account Tax Compliance Act (FATCA) is generally associated with reporting requirements for foreign banks and foreign entities to disclose the names of U.S. individuals using such foreign vehicles to hide U.S. financial accounts. (See all three blog posts in this series on FATCA compliance.)
However, there is an important FATCA reporting requirement, the Statement of Specified Foreign Financial Assets, Form 8938, that affects U.S. individuals and certain U.S. entities that own foreign financial assets.
Failure to timely submit this form may lead to significant penalties and could open up the possibility of an IRS audit.”
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