Income tax returns for 2011 must have attached new Form 8938, which is the "Statement of Foreign Financial Assets." The new 8938 is intended to supplement the "check a box" yes or no answer on Form 1040 Schedule B asking whether the taxpayer had ownership or control over any foreign bank account. For 8938 asks for more broad information about the taxpayer's foreign situated assets exceeding $100,000 on 12/31 of the tax year or $150,000 on any day of the tax year. The IRS just issued T.D. 9567, announcing that Form 8938 instructions are forthcoming.
A failure to file Form 8938 can result in a $10,000 penalty or a penalty of $50,000 if there is a continued failure to file after IRS notification. This form is not a replacement for, but is an separate filing requirement that will be in addition to the required FBAR report to be filed with the U.S. Treasury.