Phone: (310) 550-6200
Holtz, Slavett & Drabkin, APLC
  • Home
  • Tax Services
    • Foreign Bank Accounts and Offshore Tax Compliance
    • Tax Litigation
    • Tax Audit Representation
    • Tax Fraud and Tax Crimes
    • Tax Collection Defense
      • Offer in Compromise
      • Tax Levies
      • Tax Liens
      • Bankruptcy & Taxes
      • Innocent Spouse Relief
      • Trust Fund Recovery Penalties
    • Employment Taxes
    • Unfiled Tax Returns
    • Other Tax Services
  • Tax Attorneys
    • Gary M. Slavett
    • David C. Holtz
    • Igor S. Drabkin
    • David J. Warner
    • Michele F.L. Weiss
    • Scott Burkholder
    • Kevin Oveisi
    • Richard Gano
  • Blog and News
    • Firm News
    • Internal Revenue Service
      • Audit
      • Criminal Tax
      • Employment Tax
      • Exempt Organizations
      • FBAR
      • Innocent Spouse Relief
      • Offshore Income
      • Trust Fund Recovery Penalty
    • California Employment Development Department
    • Franchise Tax Board
    • Sales Tax
    • Whistleblower Award
  • Contact
    • Los Angeles Office
    • Orange County Office
Select Page

IRS Form 8938 and FBAR (Form 114) Comparison

by Gary Slavett | Jun 5, 2015 | FBAR, Internal Revenue Service, Offshore Income

Comparing IRS forms

By now, many taxpayers with foreign accounts have heard of the FBAR (Report of Foreign Bank and Financial Accounts) and the different penalties for failing to file the FBAR.  However, many of our new clients are still not familiar with Form 8939 (Statement of Foreign Financial Assets).  Form 8938 is the result of a provision found in the Foreign Account Tax Compliance Act (FATCA) and set forth in Internal Revenue Code 6038(D).

While there are many similarities between Form 8938 and the FBAR, there are many differences.  In most cases, taxpayers will be required to file both the FBAR and the Form 8938.  Among the most basic differences are that the FBAR is filed separately from the income tax return and is due by June 30 of the following year; the Form 8938 is filed with the income tax return is due by the due of the return, including extensions. Further, the reporting thresholds are different for each form.  For the FBAR, the reporting threshold is $10,000 or more at anytime during the calendar year; for Form 8939, the reporting threshold is $50,000 on the last day of the tax year or $75,000 at any time during the tax year (higher threshold amounts apply to married individual filing jointly and individuals living abroad.

Click on this link for a more detailed Comparison of Form 8938 and FBAR (Form 114)

If you have any questions regarding your Offshore Accounts/Assets and your filing requirements, call Holtz, Slavett & Drabkin to speak to a Former IRS Attorney.

 

Holtz, Slavett & Drabkin
Former IRS Tax Attorneys
(310) 550-6200
10940 Wilshire Boulevard
Suite 2000
Los Angeles, CA 90024

Categories

Recent Posts

  • Michele Weiss Interviews IRS National Taxpayer Advocate
  • Former IRS Attorney Kevin Oveisi Joins Holtz, Slavett & Drabkin
  • IRS Enforcement Focuses on High Income Taxpayers, Puerto Rico Scheme and Malta Pension Arrangements
  • Michele Weiss Quoted in Bloomberg Tax Article on FTB Conservation Easement Settlement Program
  • Michele Weiss Quoted in Tax Notes Today Article About ERC Fraud
Internal Revenue Service > FBAR > IRS Form 8938 and FBAR (Form 114) Comparison

Los Angeles Main Office

10940 Wilshire Boulevard
Suite 2000
Los Angeles, CA 90024
Phone: (310) 550-6200
Fax: (310) 774-3904

Orange County Office

4695 MacArthur Court
Suite 200
Newport Beach, CA 92660
Phone: (949) 999-6606
Fax: (949) 544-0440

Follow Us

LinkedIn

Recent Blog Posts

  • Michele Weiss Interviews IRS National Taxpayer Advocate
  • Former IRS Attorney Kevin Oveisi Joins Holtz, Slavett & Drabkin
  • IRS Enforcement Focuses on High Income Taxpayers, Puerto Rico Scheme and Malta Pension Arrangements
  • Michele Weiss Quoted in Bloomberg Tax Article on FTB Conservation Easement Settlement Program
  • Michele Weiss Quoted in Tax Notes Today Article About ERC Fraud
  • Michele Weiss Speaking at the ABA Tax Section May 2023 Meeting
  • David J. Warner and Michele Weiss Analyze Strategies for IRS Audits of the Employee Retention Credit for Strafford Webinar

    Designed by Elegant Themes | Powered by WordPress