IRS Updates Questions, Answers for Form 8938 Foreign Asset Reporting

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Taxpayers got more guidance on how to report specified foreign financial assets on the Form 8938 in an updated set of frequently asked questions and answers, including guidance on reporting of tangible assets and the treatment of precious metals. The guidance is the agency's latest effort to help taxpayers comply with the requirement to report those assets that was put in place under new tax code Section 6038D, enacted as part of the Foreign Account Tax Compliance Act. IRS adds nine new questions to an original list of 14, bringing the total number of questions and answers available to taxpayers to 23.