Tax time, next year, new requirements

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http://www.irs.gov/pub/irs-dft/f8938--dft.pdf

Click on the link above to see another tax form those who have foreign assets of any kind- bank accounts, Fideicomisos, other trusts, real property, etc.- will have to begin filing, Form 8938.

It may represent the beginning of a move to unify all the reporting requirements for foreign assets into a single report, which would be nice. Now, my wife and I have to file four different forms. But, for the near term, 8938 will just be one more, added to the pile.

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Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent.

Looks like they're serious....