This page contains a Flash digital edition of a book.
Reportable assets to be included on the 8938 would include any accounts from which income, gains, losses, deductions, credits etc. from that account would be includable in the income on your tax return. Again this would include bank accounts, securities


accounts, partnership


interests, unvested employer stock options and pension accounts. Finally, there are several financial


products available in the UK which can create additional US tax com- pliance requirements. These can include SIPPS, cash ISAs, Stock and


shares ISAs all of which are relatively easy financial products to open in the UK and are attractive from a UK tax perspective. Before entering in to these types of arrangement it is always good to discuss these with your tax advisor to ensure you are fully aware of the US taxation issues that may follow these. If you would like to discuss your


requirements to file the FBAR or the for 8938, Tax Advisory Partnership are happy to talk any potential new clients through the requirements, assist you with the filings and guide


you through the potential US tax pitfalls of any UK based investments that you may be considering.


Sam Ashley is Senior Manager at Tax Advisory Partnership Tax Advisory Partnership provides a broad range of UK and US tax services to private clients both in the UK and abroad.


Please


contact us for an initial consultation and we will contact you at the earliest opportunity. 14 Devonshire Sq, London, EC2M 4TY 020 7655 6959 info@tap-london www.taxadvisorypartnership.com


Filing Status


Unmarried. Live in US. Unmarried. Live abroad.


Married. File separate, live in US. Married. File separate, live abroad. Married. File jointly, live in US. Married. File jointly, live abroad.


Value at 31 December 2015 $50,000 $200,000 $50,000 $200,000 $100,000 $400,000


Max. Balance in Year $75,000 $300,000 $75,000 $300,000 $150,000 $600,000


The American 17


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