Especially when it comes to foreign financial assets, which one should a taxpayer choose and why.

Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.

If an individual meets the filing requirements for both forms, each must be filed, even though some information may be duplicate. 8938 (FATCA) & FBAR ; Form 8938 FinCEN Form 114 (FBAR) Who must file? FBAR (FinCen 114) vs. 8938 (FATCA) When it comes to international tax compliance, the main issues involving taxpayers today is whether they have properly disclosed and reported their foreign accounts and disclosed their foreign income. The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). FBAR vs Form 8938. Territory or Possession June 1, 2020 The ABA posted Foreign Asset Reporting and U.S.

Form 8938: FBAR: Who must file? FBAR vs 8938: The comparison of the FBAR and 8938 can be a very complicated analysis .The FBAR is for foreign accounts and FATCA Form 8938 is for foreign assets, and the form requirements overlap — they are not mutually exclusive..

Individuals who are U.S. citizens, resident aliens, and certain non-resident aliens who have foreign financial assets and meet the Form 8938 reporting thresholds. Who needs to file. The IRS provides some resources, but oftentimes these instructions and publications are unclear..

FinCEN Form 114, Report of Foreign Bank and Financial Accounts. The HIRE Act was the triggering factor behind the FATCA or the Foreign Account Tax Compliance Act coming in to effect in 2010. Form 8938,FBAR, FATCA, these are some of the acronyms that might confuse a lot of taxpayers. Form 8938, Statement of Specified Foreign Financial Assets. FBAR vs. Form 8938 Treatment of Financial Accounts Located in a U.S.

Form 8938 does not replace filing the FinCEN Form 114, Report of Foreign Bank and Financial Accounts. Comparison Between FBAR (FICEN114) & 8938 (FATCA). Specified individuals (U.S. citizens, resident aliens, and certain non-resident aliens) and domestic entities that have an interest in specified foreign financial assets and meet the reporting threshold. Specified individuals, which include US citizens, resident aliens, and certain non-resident aliens who have an interest in specified foreign financial assets and meet the reporting threshold. Territories where they discuss that Puerto Rico, American Samoa, Guam, The United States Virgin Islands, The Northern Mariana Islands—these are all United States territories or possessions. Form 8938.