KEYWORDS: FBAR, financial account, financial institutions, foreign financial institution, Form 8938, Form TD F 90-22.1, Hedge Fund Regulation, HIRE Act, Hiring Incentives to Restore Employment Act, Internal Revenue Service, IRS, NAV reports, Report of Foreign Bank and Financial Accounts, specified individuals, Statement of Specified Foreign Financial Assets
James Cameron, Puneet Arora, Kevin Ciavarra, Candace Ewell
In December 2011, the IRS issued a final version of Form 8938, Statement of Specified Foreign Financial Assets, along with instructions. Form 8938 is devised to facilitate the SFFA reporting requirements of §6038D, and requests information on account owner, type and value, among other items. The reporting is similar, but more detailed, than that currently done on Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (also known as FBAR).
While the impact of SFFA reporting on funds themselves is currently minimal, investors may be asking funds for additional information to complete their required filings. This document contains a brief overview of the current filing requirements and the type of assets that are required to be reported.