Dec 22, 2011, 6:18 AM
Post #3 of 4
Re: [stevebrtx] New IRS Requirements: Foreign Account Tax Compliance Act (FATCA)
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As described in the web-link in the the original post:
" ...certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. "
This says that your foreign financial assets are the ones that count towards the total of $50,000 limit, but we will have to wait a while to find out the details and how they actually enforce the policy in regional IRS offices.
Just like the Mexican government, who passes laws with the commitment to issue the specific regulations later: The IRS has not promulgated & issued the regulations for FACTA yet, but they promise to issue them by Dec. 31, 2011.
Who knows exactly what and when the USA (IRS) will actually issue the regulations, or whether they will train their US govt. employees?
It is almost assured that different regional US IRS offices will give different advice and different answers on how to comply with IRS regulations regarding expat tax issues - just like their varied answers and varied official regional rulings on whether US expat property owners with Mexican Fideicomisos must comply with the US Dept. of Treasury rules on registering and reporting their foreign real estate trusts. Some official rulings out of regional IRS courts and IRS offices say you must file every June, reporting your real estate Fideicomiso, while Washington IRS officers overseeing the program have written that individuals do not have to file but may need to file for individual waivers, if their local IRS official does not agree. => demonstrating that various IRS rulings between national and local offices conflict directly with each other.
Does anyone want to bet on whether the US IRS will have a single clear policy, that is interpreted and enforced the same way in all offices?
If you bet "yes- a single clear and uniformly enforced policy": Oooooops, you already lost.
When the IRS issues the Reglamentos for the new FACTA program, Yucalandia will post the updates and specifics on final IRS policies & details on completing & filing Form 8938 with our 2012 IRS income tax returns.
E-visit at http://yucalandia.com
(This post was edited by YucaLandia on Dec 22, 2011, 6:24 AM)