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.
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