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In a previous article, I introduced the key term of the Specified Domestic Entity (“SDE”) Definition for corporations and partnerships that may be required to file FATCA Form 8938: “formed or availed of”. At that point, I stated that this term required that a business entity satisfies two legal tests. One of these tests is […]
We are continuing our series of articles on the Specified Domestic Entity definition. In previous articles, I already explained what entities are considered to be domestic and what kind of foreign assets are included in the Specified Foreign Financial Assets. In this article, I would like to introduce the key part of the definition of […]
Specified Individual is a key tax term that must be correctly understood in order to properly identify the persons who are required to file FATCA Form 8938. In this brief article, I will describe the general definition of a Specified Individual for Form 8938 purposes. Specified Individual: FATCA Form 8938 Background In 2010, one of […]
This is the second article from the series of articles concerning the definition of a Specified Domestic Entity. Today, I will explore what business entities are considered to be “Domestic”. Specified Domestic Entity Background Information Specified Domestic Entity is a new category of FATCA Form 8938 filers. Under FATCA, Form 8938 has to be filed […]
On January 8, 2018, the US Treasury Department published a list of boycott countries. Let’s analyze what is meant here by Boycott Countries. Boycott Countries: The Meaning of Boycott Under IRC Section 999(b)(3) IRC Section 999(a)(3) requires the Department of the Treasury to publish (at least on a quarterly basis) a current list of countries […]