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For Americans Abroad, Taxes Just Got More Complicated
If you are or have been a US citizen, or if the US government thinks
you are or have been a US citizen, the article
in yesterday's NY Times, with title in the "Subject:" line of this
e-mail message, may be of interest to you.
There is a new form, Form 8938, in addition to the FBAR reporting
form TDF 90-22.1 and the general income tax form 1040 (which continue
to need to be filed). On this form one reports foreign bank accounts
(as on Form TDF 90-22.1) and other things, including foreign persion
funds. For full details you can download PDF files 8938.pdf and
i8938.pdf from the IRS. Google will lead you to them quickly.
I am not a lawyer and I am not a tax accountant. I do know that some
SFU people have acted on bad advice to the effect that they did not
need to file US income tax returns or complete Form 90-22.1 because
they no longer lived in the US, and they have later regretted
following that advice. The penalties for not filing Form 8938 are
significant. This new form is yet another item about which you might
receive such bad advice.