New IRS form for Overseas Taxpayers

The Internal Revenue Service (IRS) released a new Form 8938 that requires taxpayers to 
report on certain foreign financial assets for tax year 2011.  The Form 8938 (Statement of Specified Foreign Financial Assets) should be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts.  It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply.

You can use Form 8938 to report the ownership of specified foreign financial assets if the total value of those assets is more than the applicable reporting threshold.

For instructions and more information on this form please visit the IRS web-site.

Unfortunately, we are not tax professionals here in the Consular Section.  However, if you have questions you can contact the IRS office in the U.S. Embassy in Paris.  They can be reached at +33 (01) 4312-2555, Monday – Friday, from 9:00AM – 12:00PM and 1:30 PM – 3:30 PM (CET).  Taxpayers can also contact the service center in Philadelphia at +1 267 941 1000, Monday – Friday, from 6:00AM – 11PM (EST), or via post at the following address:

Internal Revenue Service
International Accounts
Philadelphia, PA 19255-0725

U.S. citizens traveling abroad should regularly monitor the U.S. Embassy’s website, and the Department of State's Bureau of Consular Affairs website, where the current Worldwide Caution, Travel Warnings, Travel Alerts, and Country Specific Information can be found.  The U.S. Embassy also encourages U.S. citizens to review to "A Safe Trip Abroad," which includes valuable security information for those both living and traveling abroad.  In addition to information on the Internet, travelers may obtain up-to-date information on security conditions by calling 1-888-407-4747 toll-free in the U.S. and Canada, or outside the U.S. and Canada on a regular toll line at 1-202-501-4444.

We encourage U.S. citizens living or traveling in Montenegro to register with the U.S. Embassy in Podgorica through the Smart Traveller Enrollment Program (STEP), so that they can obtain updated information on travel and security within Montenegro.  By registering, U.S. citizens make it easier for the U.S. Embassy to contact them in case of emergency. The U.S. Embassy in Podgorica is located at Dzona Dzeksona 2, 81000 Podgorica, Tel: +382 (0)20 410 500; E-mail: PodgoricaACS@state.gov