Who is required to file Form 8938? ‘Specified Persons’. Okay, we are getting real close to our discussion of ‘Specified Domestic Entity’.
Specified Persons until 2016, or if you want to be more technical, until all the tax years that start after December 31, 2015, if you want to take the direct line and use that exact language.
Specified Persons included US Citizens, US Tax Residents and that of course includes all the US Green-Card Holders and all of the persons who satisfied the Substantial Presence Test, all of the non-resident aliens who chose to declare themselves tax residents for the purpose of filing a joint tax return and residents of Puerto Rico and Possessions, US Possessions. So we’re talking about Guam, American Samoa and the North Mariana Islands.
Does anyone see here a common thread throughout this category of pre 2016 categories of filers? Does anyone want to take a guess? We’re talking about citizens, tax residents… (inaudible) exactly! All of them are individuals. So what happened this year is that now it’s no longer just individuals; businesses are required to file form 8938; businesses that satisfy the requirement of ‘Specified Domestic Entity’.