FBAR and Form 8938 May Both Be Required | FBAR FATCA Lawyer

FBAR requirements are a separate requirement form from Form 8938. The FBAR requirement does not replace the requirement to file a Form 8938; it’s in addition to. So, if you own the assets individually, you might have to file a Form 8938 and FBAR at the same time. And not really at the same time because of a change in the FBAR deadline.

An entity, the domestic entities never have to file Form 8938 but they did have to file FBARs. So the change is really more affecting domestic entities and you know very specific, specified domestic entities with respect to reporting foreign assets.

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FBAR and Form 8938 May Both Be Required | FBAR FATCA Lawyer
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FBAR and Form 8938 May Both Be Required | FBAR FATCA Lawyer
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Eugene Sherayzen, Esq. discusses how the FBAR and Form 8938 requirements complement each other; even where the reporting requirement is virtually identical, both forms may be required (i.e. one does not replace the other) as long as the filing thresholds for both forms are met. This episode was part of his presentation at Minnesota State Bar Association on August 17, 2017.
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Sherayzen Law Office, Ltd.
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