SPECIAL REPORT: FBAR, Form 8938 Filing Rules Leading to Confusion

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Taxpayers and practitioners continue to grapple with confusion over layers of requirements to report foreign financial assets to the government on two separate forms, stakeholders tell BNA in recent interviews. The two reporting regimes, Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), and the brand new Form 8938, Statement of Specified Foreign Financial Assets, have some similarities but many differences that are creating difficulties even as IRS works to help taxpayers comply, some practitioners say. Taken together, the two sets of requirements are a complex facet of the government's increased focus on learning about overseas assets held by U.S. taxpayers, practitioners explain.