On behalf of the U.S. Internal Revenue Service, please find below new information about a new information reporting form that taxpayers will use starting this tax filing season to report specified foreign financial assets for tax year 2011.
The Form 8938 (Statement of Specified Foreign Financial Assets) should be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply.
Form 8938, the instructions, regulations implementing this new foreign asset report, and other information to help taxpayers determine if they are required to file Form 8938 is available on the web at: http://www.irs.gov/businesses/corporations/article/0,,id=236667,00.html
or search for “Foreign Account Tax Compliance Act (FATCA) irs.gov” from your preferred search engine.
For any emergencies involving U.S. citizens in Mexico, please contact the U.S. Embassy or the closest U.S. Consulate or Consular Agency. The U.S. Embassy is located in Mexico City at Paseo de la Reforma 305, Colonia Cuauhtemoc, telephone from the United States: 011-52-55-5080-2000; telephone within Mexico City: 5080-2000; telephone long distance within Mexico 01-55-5080-2000. You may also contact the Embassy by e-mail at: ACSMexicoCity@state.gov
. The Embassy's internet address is http://www.usembassy-mexico.gov/.
U.S. citizens in other areas of Mexico should seek the assistance of the U.S. Consulates or Consular agencies located throughout the country. A directory of Consulates and Consular Agencies can be found on the Embassy website http://www.usembassy-mexico.gov/.
Transmitted by Jim Pierce,
US Embassy Warden