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Final Regulations on Form 8938, Reporting for Specified Foreign Financial Assets, Regarding Specified Domestic Entities

    Final Regulation (T.D. 9752), was published and became effective February 23, 2016. This final regulation adopts the 2011 Proposed Regulation § 1.6038D-6, with certain modifications. It establishes when a domestic corporation, domestic partnership, or trust is considered to be a Specified Domestic Entity with an obligation to report its Specified Foreign Financial Assets on IRS Form 8938. American Bar Association Section of Real Property, Trust & Estate Law: Income and Transfer Tax Planning Group. March 17, 2016.