What businesses must file Form 8938, Statement of Specified Foreign Financial Assets?
by TurboTax•1• Updated 1 month ago
Form 8938 is filed by some US taxpayers, including certain closely held businesses with passive foreign assets. This helps the IRS to monitor offshore funds held by US taxpayers.
A business must file Form 8938 if:
- It is a specified domestic entity, and
- It has specified foreign financial assets that must be reported.
More summary info can be found at Do I need to file Form 8938, Statement of Specified Foreign Financial Assets?
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