A Comparison of Form 8938 and FBAR Requirements, Part 2

September 20, 2016 Shamsey Oloko Leave a comment FATCA, FBAR

Form 8938 refers to the Statement of Specified Foreign Financial Assets while FinCEN Form 114 refers to an FBAR or Report of Foreign Bank and Financial Accounts. U.S. taxpayers that own foreign assets need to distinguish the requirements related to both of these forms. The following is the second part of a blog that compares Form 8938 and FBAR requirements.

What is reported?

The maximum value of specified foreign financial assets is reported on Form 8938. These assets include financial accounts with foreign financial institutions and certain other foreign non-account investment assets. The maximum value of financial accounts maintained by a financial institution physically located in a foreign country is reported on an FBAR.

This is a preview of A Comparison of Form 8938 and FBAR Requirements, Part 2. Read the full post (431 words, 1 image, estimated 1:43 mins reading time)

A Comparison of Form 8938 and FBAR Requirements, Part 1

September 19, 2016 Shamsey Oloko Leave a comment FATCA, FBAR

Form 8938 refers to the Statement of Specified Foreign Financial Assets while FinCEN Form 114 refers to an FBAR or Report of Foreign Bank and Financial Accounts. U.S. taxpayers that own foreign assets need to distinguish the requirements related to both of these forms. The following is the first part of a blog that compares Form 8938 and FBAR requirements.

*Who must file these forms?

U.S citizens, resident aliens, and certain non-resident aliens that have an interest in specified foreign financial assets and meet the reporting threshold must file Form 8938. U.S. persons, which include U.S. citizens, resident aliens, trusts, estates, and domestic entities that have an interest in foreign financial accounts and meet the reporting threshold, must file an FBAR.

This is a preview of A Comparison of Form 8938 and FBAR Requirements, Part 1. Read the full post (513 words, 1 image, estimated 2:03 mins reading time)

What You Need To Do If You Haven’t Been Filing FBARs

August 11, 2016 Shamsey Oloko Leave a comment Delinquent Taxes, FATCA, FBAR

Taxpayers are required to file an FBAR (Report of Foreign Bank and Financial Accounts) if they had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all of these foreign financial accounts exceeds $10,000 at any time during the calendar year for which the taxpayer is reporting.

The FBAR is a calendar year report and must be filed on or before June 30 (with no extensions granted) of the year following the calendar year being reported. But what do you do if you are required to file FBARs and you haven’t been filing them? An experienced tax professional like one of the many at the Thorgood Law Firm can help all taxpayers resolve their problems with delinquent FBARs.

This is a preview of What You Need To Do If You Haven’t Been Filing FBARs. Read the full post (466 words, 1 image, estimated 1:52 mins reading time)