For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
Jan. 6 — Some dual-resident taxpayers don't have to report specified foreign financial assets on Form 8938 for 2015, the IRS said.
These taxpayers won't have to do the reporting as long as they determine their income tax liability—for all or part of the taxable year—as if they were nonresident aliens, according to the Internal Revenue Service.
Form 8938 is used to report such items as foreign stock or securities held in an overseas financial account, foreign stock or securities not held in a financial account, and foreign mutual funds, hedge funds and private equity funds.
In other parts of the new instructions for the nonresident aliens' tax return, the IRS offered details for taxpayers who want to claim tax treaty benefits under a competent authority determination. Such taxpayers must attach a copy of the competent authority determination letter to their returns, the agency said.
This requirement can be found under Schedule OI (Other Information)—part of Form 1040NR-EZ, the IRS said.
To contact the reporter on this story: Alison Bennett in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Brett Ferguson at email@example.com
Instructions for Form 1040NR-EZ are at https://www.irs.gov/pub/irs-pdf/i1040nre.pdf.
Form 1040NR-EZ is at https://www.irs.gov/pub/irs-pdf/f1040nre.pdf.
Instructions for Form 8938 are at https://www.irs.gov/pub/irs-pdf/i8938.pdf.
Form 8938 is at https://www.irs.gov/pub/irs-pdf/f8938.pdf.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)