IRS Clarifies Offshore Investment Reporting Rules Again
You have to credit the folks at the IRS for their ironic sense of humor. On June 20, 2012, the IRS clarified offshore reporting rules for 2011 with respect to Form 8938, “Statement of Specified Foreign Financial Assets." While the clarifications are both significant and welcomed, it would have been nice if the IRS hadn't waited two months after the filing deadline for Form 8938 (April 17, 2012). (The form, if required, was due with a U.S. taxpayer's 2011 tax return).