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FORM 8938 (FOR SPECIFIED FOREIGN FINANCIAL ASSETS) must now be filed for Specified Domestic Entities (1120, 1120S, 1065, 1041):

 

Specified Domestic Entity

You are a specified domestic entity if you are one of the following.

  • A closely held domestic corporation that has at least 50 percent of its gross income from passive income.

  • A closely held domestic corporation if at least 50 percent of its assets produce or are held for the production of passive income (see Passive income and Percentage of passive assets held by a corporation or partnership., later)

  • A closely held domestic partnership that has at least 50 percent of its gross income from passive income.

  • A closely held domestic partnership if at least 50 percent of its assets produce or are held for the production of passive income (see Passive income, and Percentage of passive assets held by a corporation or partnership, later).

  • A domestic trust described in section 7701(a)(30)(E) that has one or more specified persons (a specified individual or a specified domestic entity) as a current beneficiary.


Reporting Thresholds Applying to Specified Domestic Entities

If you are a specified domestic entity, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.



If you are still unsure whether or not this applies to you or if you need help filing please contact Morey Glazer by phone at 972-385-0007 or by email at mglazer@glazerfinancial.com.

 

 

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