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The Form 8938 Vs FBAR: A Complete Guide For Foreign Tax Compliance


  • EVENT DATE:

    Nov 19, 2025

  • PRESENTER(s): Patrick McCormick

  • 01:00 PM ET| 12:00 PM CT| 10:00 AM PT| 120 Minutes

  • Product Code::TL341



Description


The Form 8938 Vs FBAR: A Complete Guide For Foreign Tax Compliance : 



When it comes to disclosing foreign financial accounts, many U.S. taxpayers—especially expats and those with global investments—face confusion around FBAR (FinCEN Form 114) and Form 8938 (FATCA). While both forms deal with foreign financial assets, they serve different purposes, have distinct thresholds, and are submitted to different agencies. Understanding the key differences between FBAR vs. Form 8938 is critical to staying compliant with the IRS and the FinCEN.

The session examined the new compliance challenges (OBBB Impact) and key considerations for impacted businesses, including the reporting requirements, exemptions, and the distinctions between foreign accounts and foreign assets. Become familiar with reporting thresholds; beware of the harsh consequences for non-compliance. But there’s more: Forms 3520, 5471, 8621, 8865 and 8891. Forms 926, 5472, 8300 and 8854. Find out what the wrath of FATCA has wrought.


Session Highlights :-

  • Step-by-step instructions on how to file the FBAR online
  • Understand Common FBAR mistakes to avoid penalties
  • How does the IRS learn about foreign income?
  • Key differences between FBAR and FATCA (Form 8938)
  • Failing to comply with FBAR filing requirements can lead to severe penalties.
  • Form 8938 vs. FBAR Assets: Which Financial Accounts Are Reportable on Each Form?
  • Recordkeeping requirements
  • FBAR deadlines and extensions
  • Types of foreign accounts and assets that must be reported
  • Filing exceptions and exemptions
  • Streamlined filing procedures for late compliance
  • Develop strategies for compliance and avoiding IRS enforcement


Learning Objectives :-

  • Differentiate between IRS Form 8938 (Statement of Specified Foreign Financial Assets) and FinCEN Form 114 (FBAR), including filing thresholds, reporting requirements, and enforcement authorities.

  • Identify who is required to file each form and the types of foreign assets and accounts that must be reported.

  • Analyze the overlap and key distinctions between Form 8938 and FBAR to avoid duplicate reporting errors.

  • Evaluate the potential civil and criminal penalties for non-compliance with each reporting regime.

  • Apply best practices for accurate reporting and compliance with FATCA and Bank Secrecy Act requirements.

  • Develop strategies to help taxpayers stay compliant, minimize audit risk, and properly coordinate foreign asset reporting with overall tax planning.


Who Will Benefit:

  • Certified Public Accountants (CPA)
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
  • Accountants
  • Payroll Managers


Credits and Other information:-

      - Session Duration: 2 Hours

      - Case Studies and Live Q&A session with speaker

      - Power Point presentation for reference

      - Session learning level: Basic

      - Delivery method: Group Internet Based

      - IRS Credits: 2 Tax Hours

      - IRS CE Provider: #PUPOT

       - Recommended field of study – Taxes

       - Session Prerequisites and preparation: None

       - Location: Virtual/Online

       - Attendance Requirement:  Yes


Speaker Profile:

Patrick McCormick, JD, LLM

Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.

Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.

Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.

Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.



             - IRS CPE Credits: 2 (Taxes)                      This Program has been approved
                                                                                           for 2 CPE hours under IRS.
             - IRS CE Provider ID: #PUPOT



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