Thanks to Congress, we have a brand new tax form that has to be filed.
Yay. More @#$%$# paperwork. 🙁
This new form is designed to help with foreign account reporting. The FBAR — Form TD F 90-22.1 — remains in place and is still going to be required. But the brand new Form 8938 will basically ask for the same information and be part of your income tax return.
Redundancy redundancy is is good good.
Anyway. The Department of the Treasury is seeking public comment as they are drafting Form 8938.
What this means to you
Lots more work. Higher risks for screwing up your paperwork.
What this means is that the U.S. government has not yet learned the “keep doing what you’re doing and you’ll keep getting what you’re getting” lesson in life. I once heard an old guy describe the wrong-headed thinking approximately like this:
Him: “You have been working really, really hard and giving this 100% of your efforts, right?”
Him: “And you have thought long and hard and come up with your very best ideas, right?”
Him: “So right now you’re experiencing abject failure, right?
Me: (Sigh). “Yes. It couldn’t be much worse than it is now.”
Him: “And right now your solution is to work harder and think harder? If you’re failing utterly with your hardest work and your best ideas, what do you think is going to happen when you redouble your efforts and your brainstorming?”
The point, in case I didn’t make it clearly: more of the same inputs will yield more of the same outputs.
Me personally, I’m not going to waste my time commenting.