Statement of Specified Foreign Financial Assets
Filing of Form 8938 is, perhaps, one of the most commonly overlooked reporting requirements. Often, clients with foreign assets file the more familiar FBAR through the FinCEN (Financial Crimes Enforcement Network), but neglect to report those assets on Form 8938 in conjunction with their annual income tax returns, even when required to do so.
The rules for who must file Form 8938 are extremely specific, so even some clients with substantial foreign holdings are not required to file. However, you should disclose all foreign assets (bank accounts, investment accounts, fiduciary relationships, businesses, and real estate) to your CPA to allow him or her to make the correct determination.
You can read more about Form 8938 at the IRS web address below.
If you feel you may have had an 8938 filing requirement in a prior year, please contact Standlee & Bleifeld CPAs today so we can hel