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Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer’s annual income tax return. Higher asset thresholds apply to U.S. taxpayers who file a joint tax return or who reside abroad.

U.S. persons and their tax return preparers should be aware that U.S. persons who create a foreign trust, or have transactions with a foreign trust, can have both U.S. income tax consequences, as well as information reporting requirements. Failure to satisfy the information reporting requirements can result in significant penalties, as well as an extended time to assess any tax imposed with respect to the period to which the information relates.

SOI Tax Stats - 2006 Foreign Trust Metadata

SOI Tax Stats - Foreign Trusts Metadata

Taxpayers who have identified the need to file delinquent international information returns who are not under a civil examination or a criminal investigation by the IRS and have not already been contacted by the IRS about the delinquent information returns should file the delinquent information returns through normal filing procedures.

International Tax Statistics Foreign Trusts

You may owe a penalty if you fail to report financial activity from foreign sources through an accurate, timely information return. Find details on how to pay and dispute the penalty.

U.S. taxpayers residing in the United States -- Streamlined domestic offshore procedures

Presentation files from the seminars provided at the 2023 IRS Nationwide Tax Forums in the summer 2023.

Tax Tip 2023-119, Nov. 2, 2023 — The IRS Nationwide Tax Forums Online offers 18 new self-study seminars. People can now review the sessions online and even earn continuing education credits. Tax professionals can choose from a variety of topics covering a wide range of federal tax law.