IRS Form 8938, Statement of Specified Foreign Financial Assets, by Frank Agostino, Esq. and Victor M. Nazario III, Esq.
During the last year, the Internal Revenue Service (“IRS”) has announced several compliance campaigns designed to verify a taxpayer’s compliance with the Foreign Account Tax Compliance Act (“FATCA”). These campaigns encourage better tax compliance from U.S. taxpayers, banks, and other financial organizations subject to U.S. taxation on their income and assets. Among FATCA’s reporting requirements is section 6038D of the Internal Revenue Code (“Code”). This section provides that taxpayers holding financial assets outside the United States must report those as- sets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. It also imposes penalties for noncompliance. …
New York State Federal Change Reporting Requirements, B=by Frank Agostino, Esq. and Joseph A. Stackhouse, Jr.
In our April 2018 Newsletter article, Reporting Federal Changes to the New Jersey Division of Taxation, we explained that some voluntary and involuntary changes made to a taxpayer’s federal income tax returns create an obligation to report these changes to the state and local tax authorities. Reportable changes may include changes resulting from a federal audit and/or a voluntary disclosure increasing or decreasing a federal liability in a federal voluntary disclosure program. This article reviews the requirements for filing a Notice of Federal Change with the New York State Department of Taxation and Finance (“NYSDTF”). …
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