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U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer's annual income tax return.
Form 8938 reporting applies for specified foreign financial assets in which the taxpayer has an interest in taxable years starting after March 18, 2010. For most individual taxpayers, this means they will start filing Form 8938 with their 2011 income tax return to be filed.
Please be aware that the form is not finalized yet - http://www.irs.gov/pub/irs-dft/f8938--dft.pdf
Only specified individuals are required to file Form 8938:
Only specified foreign financial asset is reported:
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