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Suffolk New York Form 8109-B: What You Should Know
See IRS Revenue Rulings #22.22 and #45.45 and the guidance provided by IRS Rulings #22.22 and 45.40. Tax Benefits of an Oligarch's Foreign Bank Account Filing Form 8938 (for Oligarch) Why Form 8938 (for oligarchs? It'll never get filed for the rest of the 99%!) is a must. Oligarchs often use foreign banks for international banking They're not filing Form 1040, which must be filed by all Americans. They have a tax preference for international banking (discussed last week) And they're not likely to file a full Form 1040 on their own because filing it means increasing the taxes they otherwise would have paid on the tax year ending and filing it now means they'll pay a penalty on the amount that is likely to be reported. Tax Benefits of Oligarchs An oligarch's bank account must include: International accounts A foreign check or bill payable account A foreign bank account that you use primarily for personal banking. The account must be maintained in an overseas country that your spouse was a citizen of at any time during the year. This is the first step in determining the size of his/her foreign bank account. How much can be reported to the IRS on Form 8938? You'll pay a penalty if you fail to file your 8938. Taxpayers who are individuals only must file a full Form 8938 if they have at least 10 million in international property, or 50 million in all other assets other than a passive business interest. If the individual is married and has at least one domestic dependent child, all other assets, including the value of any other investment or other foreign property, must be 250,000 or less. For each domestic dependent child less than 21 years of age, the value of the child must be 1 million. All other assets, including the value of any other business interest or property interest, must be under 10 million. An individual who uses a foreign bank account primarily for holding foreign financial assets that will be used primarily for business purposes. Oligarchs often use foreign banks to transfer money and assets internationally and the IRS often needs to know who is where in the world in order to conduct legitimate business.
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