Specified Individuals and Specified Domestic Entities are required to file the 8938 if the value of the foreign financial assets owned exceeds certain threshold values on an annual basis. Specified Individuals are generally U.S citizens or residents. Specified Domestic Entities are generally closely held corporations or partnerships. An International Tax Attorney with The McGuire Law Firm can help you determine if you should be filing form 8938 and help with any potential penalties related to the failure to file Form 8938.
Link to IRS Form 8938
Link to schedule a free consultation with an international tax attorney
keywords: International Tax Attorney, Denver International Tax Attorney, FATCA, FBAR, Foreign Bank Account Reporting, FBAR Attorney, Foreign Bank Account Tax, Foreign Bank account Tax Attorney, Denver FBAR, Denver FBAR Attorney, Form 114A, Form 114A Attorney, Form 8938 Attorney, Denver form 8938, Foreign financial assets, Foreign financial asset Attorney, Foreign financial asset attorney Denver.