FATCA Final Regulations for Individual Taxpayers: Form 8938 Reporting on Foreign Financial Assets

Recording of a 110-minute CPE/CLE webinar with Q&A

Conducted on Tuesday, February 24, 2015

Recorded event now available

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Program Materials

This webinar will discuss the final regulations that change, modify and clarify the 2011 rules on which tax preparers have relied when reporting interests in foreign financial assets to the IRS. These final regulations apply to 2014 tax filings and impact the information provided on Form 8938, Statement of Specified Foreign Assets, which individuals file with their Forms 1040 or 1040NR.


Since 2011 tax professionals have suggested changes and sought clarifications to the rules governing reporting interests in foreign financial assets. In Dec. 2014, the IRS responded to many of these suggested changes and clarifications in its final regulations.

Changes and clarifications to the 2011 temporary regs impact dual resident taxpayers, nonvested interests in property, nonvested property under IRC §83 and assets held by disregarded entities, jointly-owned assets, the definition of retirement, pension and non-retirement savings for reporting purposes, the rule relating to financial assets issued by a person organized under U.S. law, assets with no positive value, and valuation rules related to foreign currency.

The new regulations also create filing exceptions for filers of Forms 5471 and 8865. 

Listen as our panel discusses these changes and how they impact the filing of Form 8938 for 2014 and beyond. In addition, our panel will highlight areas in which the IRS chose not to make changes or provide clarifications and the rationale behind the IRS’ decisions. 



  1. Changes, modifications and clarifications related to reporting interests in foreign financial assets
  2. Preparation of Form 8938, Statement of Specified Foreign Assets
  3. Exceptions to filing Form 8938 and relationship among Forms 8938, 5471, 8865, 8833, FBAR, 1040 and 1040NR


The panel will review these and other key issues:

  • The overlap of FATCA reporting and FBAR
  • Potential new regulations governing the treatment of virtual currency
  • Proposed regulations to apply reporting requirements to specified domestic entities


Matthew D. Lee
Matthew D. Lee

Blank Rome

Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white...  |  Read More

Jeffrey M. Rosenfeld
Jeffrey M. Rosenfeld

Blank Rome

Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels public and private...  |  Read More

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