IRS Postpones Information Reporting under Section 6038D for Certain Foreign Financial Assets – Los Angeles Income Tax Planning and Asset Protection Plan Attorney Bruce Givner

by Bruce Givner on April 10, 2013

The Internal Revenue Service and Department of Treasury recently announced they have postponed information reporting under Section 6038D for certain foreign financial assets. When final regulations are issued, domestic entities with interests in specified foreign financial assets will not b required to report until tax years beginning after December 31, 2012.

Section 6038D was enacted by section 511 of the Hiring Incentives to Restore Employment Act, Pub. L. No. 111-147, 124 Stat. 71. It requires any individual who holds any interest in a specified foreign financial asset of more than $50 thousand during any taxable year to attach a disclosure statement to his or her individual tax return.

Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, estate planning, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles, Orange, Ventura, San Bernardino, Riverside and Santa Barbara Counties. Call Los Angeles Estate Planning and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.

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