Form 8938 Is it referring to IQD or not 12-15-11

PTR Dan tonight 7pm, says this tax Form 8938 may not be as important to us as some think. Blessings Guys, CZ

A.Q. in Dinar Updates forum Thursday 12/15/2011 dinar recaps
__ 12:53 PM [A.Q] NOW CHECK THIS OUT..................................12:53 PM [A.Q] IR-2011-117, Dec. 14, 2011 WASHINGTON—The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply. http://www.irs.gov/irs/a ··· ,00.html12:55 PM

[A.Q] WE KNEW THIS BUT HERE IT IS IN WRITING!!!!!!!SO THIS TELLS ME WE ARE GOING TO SEE THIS I FEEL 2-4 EST TODAY OR AFTER 10PM TONIGHT......BUT IT ALL LOOKS GOOD TO ME FOR 3PM TODAY THIS IS JUST MY OPINION ON ALL I DO KNOW........

Dec 15 12:56 PM [Midell] A.Q Does the WTO meeting today have to do with IQD12:57 PM

[A.Q] NO IT DOES NOT......IF IRAQ IS ASCENDED AS A FULL MEMEMBER AND WE DO NOT SEE THIS THEN YES...............I WILL BE NOT HAPPY BUT NOTHING TO DO WITH RV.......................THE WTO MEMEMBERSHIP NEEDS THE RV NOT THE OTHER WAY AROUND1:00 PM

[A.Q] OKAY BAGS PACKED IN CAR NOW GASING HER UP.................1:34 PM

[A.Q] 12:20 PM JONNY - The United States government has just released Form #4938 for the 2011 tax year on foreign currency cash-in. Details regarding the flat 15% tax rate will come tomorrow. The good news is its for the the year ending 2011

Well I went to the IRS site today and all I found was a draft PDF version of it. ... I'm no tax expert, but as best as I could tell without finding any "plain English" instructions is that currency does not come under the "certain assets" umbrella. It seems to be specifically aimed at people with money in banks, stocks, bonds etc. but talk to your tax professional.

From 2 days ago: http://www.irs.gov/irs/article/0,,id=251216,00.html

I also assume form 4938 that johnny mentioned was a typo as I can not find anything on the irs website relating to it.

You must file Form 8938 if:

1. You are a specified individual.

A specified individual is:

A U.S. citizen
A resident alien of the United States for any part of the tax year (see Pub. 519 for more information)
A nonresident alien who makes an election to be treated as resident alien for purposes of filing a joint income tax return
A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico (See Pub. 570 for definition of a bona fide resident)

AND

2. You have an interest in specified foreign financial assets required to be reported.

A specified foreign financial asset is:

Any financial account maintained by a foreign financial institution, except as indicated above
Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
Stock or securities issued by someone other than a U.S. person
Any interest in a foreign entity, and
Any financial instrument or contract that has as an issuer or counterparty that is other than a U.S. person.

Refer to the Form 8938 instructions for more information on the definition of a specified foreign financial assets and when you have an interest in such an asset.

Final instructions are not yet available, I only found a draft set ... but it appears that held foreign currency is not subject to the regulations. Currency swaps are, but that is a financial derivative -- a different animal entirely ... more like a mutual fund as I understand it. The instructions (11 pages!) can be found here:

http://www.irs.gov/pub/irs-dft/i8938--dft.pdf