The IRS and Treasury issued final regulations on Feb. 22 under Section 6038D that require certain domestic entities to report specified foreign financial assets. The regulations state conditions under which a domestic entity will be considered a "specified domestic entity" required to satisfy certain information reporting requirements.
Taxpayers that may be considered a specified domestic entity should carefully evaluate these rules to determine if they will need to comply with the new information reporting requirement.
For details, read Tax Flash 2016-02 from our Washington National Tax Office.
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