In This Section View Our Practice Areas

Do You Need To File Form 8938?

You may need to file Form 8938 with your tax return if you:

  • Are a U.S. individual taxpayer
  • Own certain specified foreign assets, and
  • Those assets are of a certain value

If Form 8938 is not properly filed with your tax return, the IRS can deem your entire tax return unfiled. If you are making preparations for tax season, it is vital that you follow the proper reporting requirements.

What Do You Need To Report?

The IRS has specified foreign financial assets, including, but not limited to, non-U.S. financial accounts, non-U.S. retirement accounts and direct ownership in a non-U.S. business entity. If you have questions about your international accounts, a skilled tax attorney at Bucci Law Offices can help you determine your reporting responsibilities.

Taxpayers affected by FATCA should know that this requirement does not replace the FBAR or Foreign Bank and Financial Accounts Report on Form TD F 90-22.1. Rather, the FATCA reporting requirement is in addition to the FBAR. Even if a taxpayer has filed an FBAR, he or she must additionally report information on Form 8938, with his or her annual tax return.

Do you have foreign bank accounts or foreign assets? The reporting obligations on international tax issues are complex and constantly change. Failure to comply with these complicated and convoluted rules carries harsh consequences. Remember, ignorance of the law is not an excuse for failure to comply with the tax rules.

Contact Bucci Law Offices, or call 305-340-2275 in Miami, 954-900-9107 in Fort Lauderdale, or toll free at 800-743-4263. We handle cases worldwide. Call us today to schedule a consultation.