OUR THOUGHTS ON:

Specific Foreign Assets and FBAR - Assistance for Determining Filing Requirements

International

By Cynthia Hoffman

Confused about who must file and when, what and where to file the Form 8938, Statement of Specified Foreign Financial Assets and Form TD F 90-22.1 (FBAR)? The IRS recently released a chart comparing the two forms, including reporting thresholds, due dates and penalties. The chart even lists various types of foreign assets and whether they are reportable for each form.

Form 8938 filing requirement does NOT take the place of a taxpayer’s obligation to file Form TD F 90-22.1. This chart will assist taxpayers in understanding whether they need to file both forms or not and what information needs to be reported on each form.

The chart can be found on the IRS website.

Schneider Downs & Co., Inc. can help you further understand and comply with the filing obligations for foreign-based assets.

© 2012 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments