February 2012

Lau and Zhong's Form 8938 Tax Alert Published by ICPAS

Paul C. Lau and Amanda Zhong of Blackman Kallick's Tax Services group were published in the Illinois CPA Society's (ICPAS) international business tax alert issued on January 19, 2012. The alert "Beware: New Form 8938 – Statement of Foreign Financial Assets" explores the Form 8938, "Statement of Specified Foreign Financial Assets." The authors provide guidance for certain U.S. individual taxpayers (as well as bona fide residents of American Samoa and Puerto Rico) holding financial assets outside of the U.S. and reporting those assets to the IRS for taxable years beginning after March 18, 2010.

Read the complete alert, "Beware: New Form 8938 – Statement of Foreign Financial Assets"


For further information, please contact Paul C. Lau at plau@BlackmanKallick.com or 312-980-2935, Amanda Zhong at azhong@BlackmanKallick.com or 312-980-3324, or your Blackman Kallick representative.

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.