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Author: nanoguy One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 256  
Subject: HIRE act and FBARs Date: 4/15/2012 12:14 PM
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What a booger bear! For small retail investors, this is like getting stuck with a big speeding ticket. I'm not even remotely offering any kind of advice here, except to get in touch with somebody who really knows this stuff.

I asked my tax accountant a simple question about the new IRS Form 8938 as it pertains to companies like YONG and KKR held in IRA or other similar (like 401k). I won't share the answer, because I don't want anyone mistaking this as being the "correct" one. Let me just say that I asked the same question of another accountant and got a different answer. One of the law firms had yet another opinion.

Finally, after going through 2 levels at the IRS help line, I was told they would have to research it and get back to me.

Even if we don't need to file 8938s, some of us may still need to file an FBAR.

So this is just a head's up. The penalty for not-filing an 8938, or filing an incorrect one (if you need to file one), starts at $10,000. A pretty heavy hit for the little guy when " ... not knowing the law is no excuse".
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