Questions and difficult decisions remain as the government works diligently on high-profile guidance on the rescission doctrine, a senior Treasury official said March 30. The doctrine generally says transactions can be disregarded for federal income tax purposes if the parties return to the status quo in the same tax year. The issue is of key…
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Which Form? IRS Chart Explains Foreign Asset Reporting
The new Form 8938, Statement of Specified Foreign Financial Assets, does not eliminate a taxpayer’s obligation to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). Some taxpayers are required to file both. A new comparisonchart explains the filing requirements for both Form 8938 and Form TD F 90-22.1. Read more…
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