Tag Archive for Final Regulations

This Just In! Final Regulations On Reporting of Foreign Specified Assets On Form 8938!

Form 8938, is the Statement of Specified Foreign Financial Assets. This form is required to be filed to remain in compliance with IRC § 6308D. You may not have known that the Internal Revenue Service hadn’t yet made the 2011 rules and regulations under this code final, comments and concerns were still being gathered.

The Internal Revenue Service on December 11th, 2014 has issued final regs that provide guidance on the requirement under Code § 6038D, for Form 8938 filers. This provides more information and clarifications on certain filers, types of assets to be reported, valuation etc.

The final regs apply for tax years ending after Dec. 19, 2011, but taxpayers may apply them Read More

Written by | Posted in FBAR • Individual • IRS • OVDP

Final Regs On The 3.8% Net Investment Income Tax

The Accounting community was waiting for this eagerly, to see which of their recommendations had been adopted. On November 26th, 2013, the Department of the Treasury issued final regulations governing the Net Investment Income Tax (NIIT).

The 3.8% tax took effect from January 1st, 2013. It applies to individuals, estates & trusts who have Net Investment Income and Modified Adjusted Gross Income above the following threshold amounts:

• Married Filing Jointly and Qualifying Widower with Dependent Child- $250,000

• Single and Head of Household with Qualifying Person – $200,000 Read More

Written by | Posted in Estate Planning Tax • Individual