FATCA is why you may need to file a Report of Foreign Bank and Financial Accounts (FBAR) and a Form 8938, but these forms are still different.

Penalties The civil penalties for failing to file Form 8938 aren’t nearly as extreme as for failing to file a Report of Foreign Bank and Financial Account.

The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file an FBAR (Report of Foreign Bank and Financial Accounts). Failing to file Form 8938 when ...

Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds. For example, a married couple living in the U.S. and filing a joint tax return would not file ...

Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds. For example, a married couple living in the U.S. and filing a joint tax return would not file ...

Sec. 6038D, enacted as part of the Foreign Account Tax Compliance Act, requires individuals to report interests in specified foreign financial assets (SFFAs) when filing their federal income tax ...

Image via telegraph.co.uk If you have a foreign bank account or assets, you hopefully know how many IRS eyes are on you. See 5 Nations Join U.S. In Tax Evasion Crackdown. While it's perfectly ...

Given the serious implications of Form 8938, let's look at its applicability so you do it right when you file your taxes for 2011. Who must file Form 8938? You must file Form 8938 if: 1.