The (New) Form 8938 Reporting Requirements Explained 2022


November 10, 2022


Patrick McCormick, JD, LLM

  12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 120 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938.

Along the same line, the Internal Revenue Service has focused significant attention on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the FBAR (Report of Foreign Bank and Financial Accounts) form.

Both the FBAR Form and Form 8938 remain a complex reporting obligation. In addition, the various similarities between the FBAR and Form 8938 create more confusion among taxpayers. While there is certain information that must be reported on both FBAR and Form 8938, Form 8938 requires information that isn’t included in an FBAR.

This webinar will provide a general overview of the latest changes that have been made to FATCA and FBAR rules. You will also discuss valuation issues and how to thoroughly and accurately complete Form 8938, Statement of Specified Foreign Assets and FBAR. In addition, this course will cover important details regarding FATCA reporting obligations for foreign banks, the current status of FATCA implementation, and implications for U.S. taxpayers with foreign accounts. This webinar is intended to provide guidance on FBAR filing obligations in these less-obvious contexts.

Session Highlights :

  • Identify when a taxpayer has a foreign reporting obligation
  • Determine reporting threshold
  • Distinguish between foreign accounts and foreign assets
  • Determine who is required to file Form 8938 and the FBAR Form
  • Outline what is required to be reported on each Form
  • Compare Form 8938 and FBAR Filing Requirements
  • Anticipate issues related to the preparation of Form 8938, Statement of Specified Foreign Assets
  • Identify Form 8938 filing exceptions and its relationship among  other tax forms
  • Determine the penalties for noncompliance and options for curing noncompliance

    Credits and Other information:

    • Session Duration: 2 Hours
      • Case Studies and Live Q&A session with speaker
      • PowerPoint presentation for reference
    • Session learning level: Introductory
    • Delivery method: Group Internet Based
    • IRS Credits: 2 Tax Hours

    Who Will Benefit:

    • CPA
    • Enrolled Agents (EAs)
    • Tax Professionals
    • Attorneys
    • Other Tax Preparers
    • Finance professionals
    • Financial planners

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