8 is designed to be used by the Internal Revenue Service for combat international tax evasion and request information about foreign asse ts.
Yes, most people have to file both. Married individuals filing jointly and residing in the United States must file Form 893
8 if their foreign financial assets are valued at greater than $100,000 on the last day of the year or greater than $150,000 at any point during the year.
8 is not an audit trigger. You will not be audited if you follow the rules and report foreign asse ts. Failure to file may result in an audit.
Yes, if you are required to report foreign financial assets. It is not optional. For example, unmarried individuals residing in the United States are required to file Form 893
8 if the market value of their foreign financial assets is greater than $50,000 on the last day of the year or greater than $75,000 at any time during the year (filing jointly the limit is $100,000).
Sometimes legal counsel is not necessary to correct Form 893
8 errors. In some cases, legal counsel is strongly recommended. Unsure? Contact us.