Foreign Financial Asset Reporting

2011 is the first year that information on foreign contracts, foreign financial accounts, or stocks issued by a foreigner has to be attached to your income tax return. If the foreign assets exceed $100,000 on a joint return or $50,000 on a single return on 12/31/11, the information on the assets has to be reported on form 8938, Statement of Specified Foreign Financial Assets. There is a $10,000 penalty if you don't comply.