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https://www.form8938IRS.com 2021 Form 8938 Filing Due Date
2021 Form 8938 Filing Due Date
2021 Form 8938 Filing Due Date: The IRS form 8938 is a relative newcomer to the international information reporting filing world. The form was first introduced in 2012 as part of the 2011 tax return. While the form oftentimes gets compared to the notorious FBAR (Foreign Bank And Financial Account Reporting Form aka FinCEN Form 114) — the FATCA form 8938 is different. Unlike the FBAR — which was developed by FinCEN and is only enforced by the IRS — the form 8938 is part of the actual tax return that taxpayers file with the IRS. Therefore the form is included with the tax return (e.g., it is not filed separately).
In addition, taxpayers must report significantly more information about their foreign accounts and assets on the form 8938 then they have to report on the FBAR.
When do Taxpayers File Form 8938?
The form 8938 is required to be filed at the same time that a tax return is filed. This is logical, since the form 8938 is a component of the tax return. If a person requires more time to file the 8938 form, then they may consider filing for an extension for their tax return. In other words, the taxpayer does not have to file a separate extension form in addition to the form 4868 in order to extend the form 8938 filing date (Form 4868 is used to extend the time to file a tax return).
Stated another way, if a taxpayer files a form 4868 to extend the time to file their tax return, then the time to file their form 8938 is also extended
Form 8938 Prior Year Taxpayer Noncompliance
If you missed the form 8938 filing in prior years , you should pause before filing your current tax return. Instead, you should work with an experienced Board-Certified Tax Attorney Specialist to develop a strategy to get you into compliance for prior years before filing your current year.
That is because if you just begin filing in the current year or try to sneak in your past form 8938 without taking the proper form 8938 Amnesty route, that is referred to as a quiet disclosure or a silent disclosure — and that is bad news.
While plenty of people may get by filing a quiet disclosure and never get caught, if you do get caught by the IRS they have indicated that they will make an example of you and go after you for full penalties — if not worse.
Form 8938 Amnesty Program Summary
The Form 8938 Amnesty Programs are programs developed by the Internal Revenue Service to assist Taxpayers who are already out of compliance for non-reporting.
Some of the more common programs, include:
- Voluntary Disclosure Program (VDP or “New” OVDP)
- Streamlined Domestic Offshore Procedures
- Streamlined Foreign Offshore Procedures
- Delinquency Procedures
- Reasonable Cause
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