eBook | Foreign Asset Reporting: Navigating the Choppy Financial Seas.

FATCA

Learning Objectives

  • This webinar discusses the mechanics of FATCA, the ripple effect that this law has had on those with unreported foreign assets, and why it is one of the most controversial laws that no one has ever even heard about.

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  1. Hi Amy,Please see this expert from the IRS renaidrgg Form 8938 and the U.S. possessions. Bona fide resident of a U.S. possession. If you are a bona fide resident of a U.S. possession (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the U.S. Virgin Islands) who is required to file Form 8938, you do not have to report the following specified foreign financial assets on Form 8938.A financial account maintained by a financial institution organized under the laws of the U.S. possession of which you are a bona fide resident.-A financial account maintained by a branch of a financial institution not organized under the laws of the U.S. possession of which you are a bona fide resident, if the branch is subject to the same tax and information reporting requirements that apply to a financial institution organized under the laws of the U.S. possession.-Stock or securities issued by an entity organized under the laws of the U.S. possession of which you are a bona fide resident.-An interest in an entity organized under the laws of the U.S. possession of which you are a bona fide resident.-A financial instrument or contract held for investment, provided each issuer or counterparty that is not a U.S. person is either an entity organized under the laws of the U.S. possession of which you are a bona fide resident or a bona fide resident of the U.S. possession of which you are a bona fide resident.What is your residency status? This could easily determine whether or not you will be required to file Form 8938 with your US expat tax return. Sincerely,The Greenback Team

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