Good afternoon 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’m continuing a series of blogs from Beverly Hills, California.
I’d like to talk to you about the situation where a foreign account was disclosed on FBAR but not on Form 8938. Is that something a taxpayer should be concerned about? And the answer is ‘yes’. A disclosure of an account on FBAR does not replace the required Form 8938 disclosure. Just because you disclosed an asset on FBAR does not mean that you will automatically avoid a Form 8938 penalty.
What it means is that you have a stronger case for nonwillfulness. Depending on circumstances, you may have a case for reasonable cause; but you still have to take care of that Form 8938 noncompliance.
How to take care of that? It depends on your facts and circumstances. Once an attorney studies your facts, he will be able to determine the most proper way to voluntarily disclose your noncompliance thereby by limiting an potentially eliminating your exposure to Form 8938 penalties.
If you would like to learn more about Form 8938 compliance and what to do in case of Form 8938 noncompliance, you can call me at (952) 500-8159 or you can email me at [email protected] Thank you for watching, until the next time.