The United States Treasury and the IRS recently issued final regulations in regards to defining the term “specified foreign financial asset” (SFFA) for purposes of the annual report on Form 8938. Form 8938 is the Statement of Specified Foreign Financial Assets, which needs to be completed by U.S. taxpayers that have foreign financial assets that meet certain asset thresholds.
Bloomberg has prepared a summary analyzing how the final regulations apply to various types of plans, with the most typical kinds of deferred compensation plans and equity-based compensation plans that exist in an international context. Here is the Bloomberg article.
Freeman Tax Law specializes in all international tax law compliance and tax filing requirements. If you are unsure of your filing requirements, or have other compliance questions – please contact our office for a free, confidential consultation.