IRS Issues 2015 Versions of Form 1099-R, Instructions for Form 8938 Under FATCA

The Internal Revenue Service issued the 2015 version of several forms, reflecting changes needed to help foreign financial institutions, U.S. payors and U.S. taxpayers comply with the Foreign Account Tax Compliance Act.

Among the forms issued Jan. 20 was Instructions for Form 8938, Statement of Specified Foreign Financial Assets. Under FATCA, certain U.S. taxpayers holding financial assets outside the U.S. must report those assets to the IRS, generally using Form 8938. The form must be attached to the taxpayer’s annual tax return.

Enacted in 2010, the legislation also imposes requirements that foreign financial institutions and certain U.S. payors report U.S.-owned accounts to ...