IRS REMINDS TAX PREPARERS TO RENEW PTINs
COUPLES FILING JOINT RETURNS MUST NOW FILE SEPARATE POAs

NEW REPORTING FOR SPECIFIED FOREIGN FINANCIAL ASSETS

Starting with 2011 income tax returns, foreign financial assets over $50,000, unless held by a U.S. Broker, must generally be attached to Form 1040 using Form 8938. Member Joseph D. Brophy wrote an article for the January 2012 issue of the Tax Adviser summarizing the new requirements.

http://www.tscpa.org/Content/Files/pdf/Resource Center/Tax Issues Community/assorted/ForeignAsset1040 Disclosures.pdf

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