So I am discussing today part of my blog. Didn't we see it here? Let me just go over the part I want. The part we really want on my blog is this Form 8938 foreign asset reporting, and it's really a great tool to save money. This is what I want to talk about. The former IRS commissioner, under the Bush administration, went to Congress and said, "Hey, I do not want any more information returns because some clever tax planners are using them to set in motion tax elections, tax profiles, and then worry at the IRS has stuck to them." But Congress, of course, ignored him. He retired, we have a new man in, he looks very hard, but you know what, could I say? So we're going to look at how to use this new foreign asset reporting form to get yourself for the best tax position. If you're a CPA or attorney, this is an important place to not make a mistake, to avoid malpractice. So, and this is on my website, you have the name here, you can just type into it, well, what do you have to not be part? So this is kind of bad news because the more you report, the better off you are. You don't have to report anything on a Form 3520, a payment to or from a foreign to a store, on gifts. Don't have to put anything on a Form 3528, a foreign grantor trust information return, nor Form 54714 controlled foreign corporations from 8-621 starting tax year 2011 reporting in year 2012. This is required for all passive foreign investment companies, something new because that's fine if you don't do it. Foreign partnerships, including foreign LLCs. And then for some of you, a Canadian wheat retirement plan. None of...
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Video instructions and help with filling out and completing Form 8865 Assets
