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winktax, Enrolled Agent
Category: Tax
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Experience:  18 years experience as an Enrolled Agent, insurance agent, stock broker and financial advisor.
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I own an S-Corp with a foreign bank account. Do I need to

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I own an S-Corp with a foreign bank account. Do I need to file an 8938 for 2011 together with my 1120-S? What about an 8938 with my 1040 (I am the only shareholder of the S-Corp, but have no other foreign bank accounts)?

winktax :

For the 2011 tax year, only specified individuals are required to file Form 8938 with their Form 1040. Entities such as corporations, S corporations, partnerships, trusts and tax-exempt organizations are not required to file Form 8938 with their 2011 tax returns. Currently no domestic entity is required to file Form 8938 until the regulation is finalized. The U.S. Treasury and IRS anticipate issuing a final regulation during 2012 to be effective for specified domestic entities’ tax years beginning after December 31, 2011.

winktax :

The temporary regulations list the Specified Individuals Required To File Form 8938, which include:

  • U.S. citizen

  • U.S. resident alien for any portion of the taxable year

  • Nonresident alien electing under IRC Section 6013(g) or (h) to be taxed as a U.S. resident

  • A resident alien electing to be taxed as a resident of another country under a U.S. tax treaty’s residence tie-breaker

  • Nonresident who is a bona fide resident of Puerto Rico or American Samoa

winktax :

S Corporations are not listed as a specified Individual.

winktax :

Note, the S Corporation is required to file Form TD F 90-22.1, Foreign Bank Account Report (FBAR) which is due June 15th 2012.

winktax :

I hope the above answers your question, if yes, please click the accept button. Otherwise please provide additional information and or ask clarifying questions so that I can provide a more specific answer. Thank You.

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