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Comparison of Form 8938 and FAR Requirements Page 1 of 2 Comparison of Form 8938 and FAR Requirements The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer s obligation
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What is comparison-of-form-8938-and-fbar- - bragertaxlawcom?
Form 8938 and FBAR are both used to report foreign financial assets, but they have different requirements and thresholds.
Who is required to file comparison-of-form-8938-and-fbar- - bragertaxlawcom?
US persons including citizens, residents, and certain non-resident aliens are required to file Form 8938 and FBAR if they meet the respective reporting thresholds.
How to fill out comparison-of-form-8938-and-fbar- - bragertaxlawcom?
Form 8938 is filed with the IRS and FBAR is filed electronically with FinCEN. Both forms require detailed information about foreign financial assets.
What is the purpose of comparison-of-form-8938-and-fbar- - bragertaxlawcom?
The purpose of Form 8938 and FBAR is to combat tax evasion by ensuring that US persons report their foreign financial assets.
What information must be reported on comparison-of-form-8938-and-fbar- - bragertaxlawcom?
Information such as the value of the foreign financial assets, account numbers, account locations, and type of asset must be reported on Form 8938 and FBAR.
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