Under the Foreign Account Tax Compliance Act ("FATCA") any U.S. person holding foreign financial assets with an aggregate value in excess of $50,000, at any point during the tax year, is required to report specific information regarding those assets to the IRS. This reporting requirement is met by completing a form newly developed by the IRS. The Form 8938 must be attached to the taxpayer's annual tax return for assets held in tax years beginning on or after January 1, 2011. The Form 8938 filing requirement is in addition to other foreign information returns such as Form 5471 (Information Return of U.S. Person with Respect to Certain Foreign Corporations) and TDF 90-22.1 (Report of Foreign Bank and Financial Accounts "FBAR").