US IRS publishes final guidance on reporting foreign financial assets

US IRS publishes final guidance on reporting foreign financial assets

The US IRS on December 12 published final regulations on reporting of specified foreign financial assets (TD 9706) and removed associated temporary regulations.

According to a summary provided by the IRS:

“The final regulations provide guidance relating to the requirement that individuals attach a statement to their income tax return to provide required information regarding specified foreign financial assets in which they have an interest.

“The final regulations affect individuals required to file Form 1040, “U.S. Individual Income Tax Return,” or Form 1040-EZ, “Income Tax Return for Single and Joint Filers With No Dependents,” and certain individuals required to file Form 1040-NR, “Nonresident Alien Income Tax Return,” or Form 1040NR-EZ, “U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents.””

See:

 TD 9706.