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The Form 8938

  • Street: Tweede Blokweg 53
  • City: Vroomshoop
  • State: Ohio
  • Country: Netherlands
  • Zip/Postal Code: 7681 Gr


Although, both forms are used to report the foreign financial accounts, there are significant differences. Specifically, the types of financial accounts vary as well as the filing thresholds. Since we receive the large number of inquires, we decided to prepare the summary and clarify the differences between the FBAR form 114 and Form 8938. The IRS and Department of Treasury have undertaken multiple steps lately to enforce the FATCA compliance among the US citizens and green card holders. However, the FATCA that became effective on July 1, 2014, caught many American expats by surprise.

On Form 8938, however, you do have to identify which and how many of each of these forms you did file. Even if there is no information from a reliable financial information source or other verifiable source, you do not need to obtain an appraisal by a third party in order to reasonably estimate the asset’s maximum value during the tax year.

For example, if a person has one savings account in Taiwan, the reporting is not that bad. But, if a person has 50 accounts, life insurance, mutual funds, and foreign life insurance — the FBAR filing may be much more complicated. For reporting purposes, you may rely on periodic financial account statements to determine the maximum value of a financial account.

Generally, an interest in a foreign estate is a specified foreign financial asset that is reportable on Form 8938 if the total value of all of your specified foreign financial assets is greater than the reporting threshold that applies to you. If you have an interest in a foreign pension or deferred compensation plan, you have to report this interest on Form 8938 if the value of your specified foreign financial assets is greater than the reporting threshold that applies to you.

FATCA allows government personnel to locate U.S. persons not living in the United States, so as to assess U.S. tax or penalties. FATCA was reportedly enacted for the purpose of detecting the non-U.S. financial accounts of U.S. resident taxpayers rather than to identify non-resident U.S. citizens and enforce collections. However, although there might be thousands of resident U.S. citizens with non-U.S.

The value of the foreign financial assets reported on these forms is included in determining the total value of assets for the reporting threshold, but you do not have to list the assets on Form 8938. In this situation, identify on Form 8938 which and how many of these form report the specified foreign financial assets. If you are a specified domestic entity, exclude the value of any specified foreign financial asset reported on another form listed in Part IV, to determine if you satisfy the applicable reporting threshold.

This failure to file the Form 8938 means the statute of limitations has never expired in any year since 2011. However, under the peak value method, we add together each of the account’s high values reached at any point during the year, without subtracting for double-counting. Here, the US person held $38,000 in Account A and $38,000 in Account B , for a total of $76,000 of specified foreign financial assets. Under the year-end method, we would only find that the taxpayer had $38,000 of specified foreign financial assets at year-end, and would not – under this method – be obligated to file a Form 8938.

, and are required file form 1040 may have to file form 8938 to report there foreign life insurance policies – along with other foreign assets. The maximum penalty for failing to file an FBAR is $100,000 or 50% of the value of the account, whichever is greater for each unfiled report.

For a specified foreign financial asset that is not held in a financial account, you may rely on the year-end value of the asset if it reasonably approximates the maximum value of the asset during the tax year. Special rules also apply for reporting the maximum value of an interest in a foreign trust, a foreign retirement plan or a foreign estate. You will need to determine the value of your specified foreign financial assets to know if the total value exceeds the threshold applicable to you. Generally, a reasonable estimate of the highest fair market value of the asset during the tax year is reported, but special rules apply to ease valuation burdens.

Many of these requirements will also apply when a U.S. resident becomes a beneficiary of a U.S. estate that has foreign financial assets. Resident aliens of U.S. territories and U.S. territory entities must file FBAR, but not Form 8938.

If this failure to file the required Form 8938 was negligent, the IRS may impose and collect penalties of $70,000 (based on seven years inclusive in the 2011 through 2017 reporting years, at $10,000 penalty per year). This enormous penalty is possible, of course, because while the taxpayer may have filed Form 1040 tax returns in each of the last seven years, he did not file the Form 8938.

As such, inquires about the filing requirements for for

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