For many years, U.S. individuals have been required to report foreign bank accounts on Form TD F 90-22.1, otherwise known as the “FBAR” report. As a result of a change in the law, many U.S. individuals are now also required to file Form 8938, Statement of Specified Foreign Financial Assets, starting with tax returns due in 2012.
Given that there is some duplication in the information required by these tax forms, the IRS recently released a comparison that discusses the FBAR and Form 8938 filing requirements.
If you are required to file either tax form, it is important that you contact your tax advisor immediately so that you can timely file these tax returns.
Melinda Fellner Bramwit contributed to this post.