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


  • EVENT DATE:

    Sep 30, 2025

  • PRESENTER(s): Charles K. Montecino

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

  • Product Code::TL315



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:

Charles Montecino

Charles K. Montecino, is a Certified Public Accountant and Certified Tax Resolution Specialist. He has significant experience in helping clients solve their IRS problems, and clients say he does it with patience and, as one client put it, “without making me feel dumb.” In 2008 he received the Top Practitioner Award from the American Society of Tax Problem Solvers.

He is also known as “The Tax Problem Solver” because he solves tax problems!

He works with taxpayers that for various reasons find themselves at odds with the Internal Revenue Service.  He regularly works with those that have unfiled returns, unpaid balances, payroll tax issues, innocent and injured spouse issues and those under audit.

He has spent his 40 plus years career in public accounting, and over 35 of them running his own firm. He has been  a tax resolution specialist for over 25 years. He is a licensed CPA in New Jersey and is also a CGMA, Chartered Global Management Accountant. He serves on the Cooperation with IRS Committee and the Cannabis Special Interest Group with the New Jersey Society of CPAs. He is a member of the American Institute of CPAs, New Jersey Society of CPAs, and The American Society of Tax Problem Solvers.

He earned his accounting degree from Rutgers University. When he is not working, he enjoys watching the Philadelphia Phillies, Philadelphia Eagles  and the Rutgers University football team. He also enjoys golfing, fishing, traveling, reading and spending time with his wife, children and grandchildren.

             - 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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