Reporting of Specified Foreign Financial Assets
This document contains final regulations providing guidance relating to the provisions of the Hiring Incentives to Restore Employment (HIRE) Act that require specified foreign financial assets to be reported to the Internal Revenue Service for taxable years beginning after March 18, 2010. In particular, the final regulations provide guidance relating to the requirement that individuals attach a statement to their income tax return to provide required information regarding specified foreign financial assets in which they have an interest. The final regulations affect individuals required to file Form 1040, ``U.S. Individual Income Tax Return,'' or Form 1040-EZ, ``Income Tax Return for Single and Joint Filers With No Dependents,'' and certain individuals required to file Form 1040-NR, ``Nonresident Alien Income Tax Return,'' or Form 1040NR-EZ, ``U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents.''