Does your client have a new US tax obligation?The Internal Revenue Service has recently released Form 8938 and instructions requiring US return filers to report their non-US financial assets during 2011.
Arguably America has the simplest tax system in the universe. Worldwide tax forever; quite an easy concept really – annual income tax returns plus annual information returns. Form 8938 is the newest information return and will be of great significance here in the UK.
Most US citizens and green card holders living outside of the United States are required from this year to file new Form 8938 annually...
