💡 Form 8938 (FATCA) – Specified Foreign Financial Assets :- If you are a U.S. taxpayer and your foreign financial assets exceed certain thresholds, you must report them on Form 8938 (attached to your Form 1040). 📌 Main Points :- • Applies to U.S. citizens, residents & certain entities. • Report bank accounts, stocks, bonds,…
FBAR vs Form 8938 – What’s the Difference? 📌 FBAR (FinCEN Form 114):- • Report foreign bank/financial accounts. • File online with FinCEN (not IRS). • Threshold: $10,000 total at any time in the year. • Due: April 15 (auto extension to Oct 15). 📌 Form 8938 (FATCA):- • Report specified foreign financial assets (bank…
💡 FBAR (FinCEN Form 114) – Foreign Bank Account Report :- If you are a U.S. person and your total foreign bank/financial accounts exceed $10,000 at any time during the year, you must file an FBAR. 📌 Easy-to-understand points: *Applies to all U.S. citizens, residents, and entities (LLCs, Corps, Trusts). *Includes bank, brokerage, mutual…
Statement of Specified Foreign Financial AssetsWith the increasing globalization of financial markets, IRS Form 8938 has become a crucial requirement for U.S. taxpayers holding foreign financial assets. Here’s everything you need to know: What is Form 8938?Form 8938 is a reporting requirement under FATCA (Foreign Account Tax Compliance Act). It ensures that taxpayers disclose certain…
