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? Form 8938. FATWA IRS Form 8938. Table Reporting Threshold,
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Form 8938 is the Statement of Specified Foreign Financial Assets, required by the IRS to report foreign financial accounts and other specified foreign financial assets.
U.S. taxpayers who have specified foreign financial assets that exceed certain thresholds are required to file Form 8938.
Form 8938 requires taxpayers to provide information about their foreign financial accounts and assets, including account numbers, maximum value during the tax year, and the type of account.
The purpose of Form 8938 is to help the IRS identify taxpayers who may be hiding assets or income offshore and to combat tax evasion.
Taxpayers must report information about their foreign financial accounts, including the account number, financial institution, account balance, and income generated.
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