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26 Jul 2012 for news and analysis of current legal issues facing tax practitioners. Form 8938 is required if a taxpayer has a specified foreign financial asset in . see Exceptions to Reporting on page 6 of the instructions for Form 8938. 15 Dec 2016 Certain Businesses, Trusts Now Required to File Form 8938 assets, additionally releasing the instructions and updated Form 8938 for this year. to the Form 8938 reporting requirements and fail to comply face significant 10 Dec 2018 Purpose of Form. Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold. See Reporting Thresholds, later. Form 8938 reporting applies for specified foreign financial assets in which the taxpayer has an interest in taxable years starting after March 18, 2010. For most individual taxpayers, this means that they will start filing Form 8938 with their 2011 income tax return. 29 Nov 2018 If you are required to file Form 8938, you must report the specified foreign financial assets in which you have an interest even if none of the assets affects your tax liability for the year. See Specified Individual, Specified Domestic Entity, and Reporting Thresholds, later. return required. 11 Jan 2012 Temporary instructions for Form 8938 now make it clear that filing is Oh, yes—in case you "forget" to complete Form 8938, you face a $10,000 Financial Crimes and Enforcement Network or else face heavy penalties. This special form is commonly called “FBAR” or FinCEN Form 114, Report of Foreign Bank and Financial Accounts. Form 8938 is part of your tax return, unlike the FBAR which is filed separately. See the instructions of this form for details.9 Nov 2017 Form 8938 - Instructions for Filing an 8938, IRS Step-by-Step Guide. If you do not file by the deadline, you might face a failure-to-file penalty. 5 Mar 2012 Foreign Financial Assets, Form 8938 Instructions threshold, for which there are several categories not clear on the face of the statute. Use Form 8938 instructions to help with this calculation. If the IRS deems your failure to disclose was willful, you could face a penalty of the greater of either