Form 8938 Does Not Replace FBAR Reporting | FBAR Tax Lawyer & Attorney
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 the situation where an account was disclosed on Form 8938 but it was not disclosed on FBAR or as it’s know 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 to me for help; and 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 non-willfulness case? Yes, it will but you still have to file your FBARs. You still have to disclose on your FBARs all of the foreign accounts you are required to disclose, otherwise you are on the hook for the penalties, even if they are not willful-type penalties; they may be non-willful penalties. 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 (952) 500-8159 or you can email me at [email protected].
Thank you for watching, until the next time.
