This is the latest addition to the tax filing requirements for those taxpayers who have financial assets overseas - over $50,000.
This is a brand new filing requirement in addition to the already existing requirement of filing the form to report Foreign Bank Accounts. Also, note an additional feature of this new requirement. This form is required to be filed along with your annual tax return (1040). Take a look at the form at this link
http://www.irs.gov/pub/irs-dft/f8938--dft.pdf
The instructions for this form describing the details of what you need to report is provided below in the link:
http://www.irs.gov/pub/irs-dft/i8938--dft.pdf
This is a brand new requirement going into effect from 2011 tax year and is due with your tax return. So, make sure you collect all the necessary information to report this to IRS with your tax return.
