Form 8938 and Specified Foreign Financial Asset Reporting for Alternative Funds under §6038D

February 2012
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Form 8938 and Specified Foreign Financial Asset Reporting for Alternative Funds under §6038D

At a glance

In December 2011, the IRS issued a final version of Form 8938, Statement of Specified Foreign Financial Assets, along with instructions. Form 8938 is devised to facilitate the SFFA reporting requirements of §6038D, and requests information on account owner, type and value. This document provides an overview of the current filing requirements and the type of assets that are required to be reported.

In December 2011, the IRS issued a final version of Form 8938, Statement of Specified Foreign Financial Assets, along with instructions. Form 8938 is devised to facilitate the SFFA reporting requirements of §6038D, and requests information on account owner, type and value, among other items. The reporting is similar, but more detailed, than that currently done on Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (also known as FBAR).

While the impact of SFFA reporting on funds themselves is currently minimal, investors may be asking funds for additional information to complete their required filings. This document contains a brief overview of the current filing requirements and the type of assets that are required to be reported.