Foreign Account Disclosed on Form 8938 But Not FinCEN Form 114 | FBAR Lawyer Beverly Hills

Hello and welcome to Sherayzen Law Office video blog; my name is Eugene Sherayzen and I’m an international tax attorney and owner of Sherayzen Law Office, Ltd.

Today, I’d like to talk to you about a situation where an account was disclosed on Form 8938 but it was not disclosed on FBAR or as it’s known by it’s official name, FinCEN Form 114.

Does your disclosure on Form 8938 replace the FBAR nondisclosure? That’s a question I often hear from taxpayers who come and talk to me. The answer is no; unfortunately, just because you disclosed an account on Form 8938, that does not in any way eliminate your obligation to report the same account on Form 114 or FBAR.

Will it help your case, that is, will it help your non-willfulness case? Yes, it will but you still have to file your FBARs; you still have to disclose on FBARs all of the foreign accounts that you are required to disclose; otherwise, you are on the hook for the penalties. They may be non-willful penalties, but it will depend on the particular facts and circumstances of your case.

If you would like to know more about your FBAR compliance, you can contact me at (952) 500-8159 or you can email me at [email protected].

Thank you for watching, until the next time.