If Tax Payer Owns, Financial Assets worth more that $50,000 0r $75,000 (Higher Threshold For Married Filing Jointly or Living Abroad) any time during the 2012 Year, You Must file Form 8938, Statement Of Specified Foreign Financial Assets at Overseas Financial Institutions. Use the End Of the Year Exchange Rate for Conversion to US Dollars.
The Form 8938 is due by the Tax Dead Line plus and extension for the Income Tax Return. File this form with your Tax Return.
Penalty: Up To 10K$ for Failure to Disclose and 10K$ for each additional 30 days of Non-Filing after IRS Notice. Potential Maximum Penalty of 60K$. Beware! Criminal penalties may also apply.
For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In : kyajnik@yajnikandmehta.com
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