CPA-Prepared Form 8938 for FATCA Foreign Asset Reporting

Form 8938, Statement of Specified Foreign Financial Assets, is used to report certain foreign financial assets when the total value exceeds the applicable IRS reporting threshold. This filing can apply to specified individuals and certain specified domestic entities, including some businesses and trusts.

This service is for taxpayers who need a CPA-prepared Form 8938 filing position based on foreign accounts, foreign investments, entity interests, pension interests, asset values, filing thresholds, and coordination with the rest of the U.S. tax return.

Who This Is For

This service is for taxpayers with foreign financial assets, including:

U.S. citizens or residents with foreign accounts
Expats with foreign financial assets
Taxpayers with foreign brokerage or investment accounts
Taxpayers with foreign stock or securities
Taxpayers with interests in foreign entities
Taxpayers with foreign pension or deferred compensation interests
Specified domestic entities with foreign financial assets
Taxpayers who may also need FBAR, Form 5471, Form 8865, Form 8621, or Form 3520 review

Form 8938 can include more than foreign bank accounts. Specified foreign financial assets may include foreign financial accounts, foreign stock or securities held outside an account, interests in foreign entities, and certain foreign financial instruments or contracts.

What You Get

You receive a CPA-prepared Form 8938 reporting position based on your facts and circumstances.

This may include:

Form 8938 preparation
Specified foreign financial asset review
FATCA filing threshold analysis
Foreign account and investment classification
Maximum asset value review
Currency conversion coordination
Foreign pension or deferred compensation review where applicable
Foreign entity interest review
Coordination with Form 1040, 1120, 1065, or trust filings where applicable
FBAR comparison and overlap review
Review of related international forms where applicable

Pricing Mention

This is priced as a defined CPA international reporting outcome, not simple asset listing.

The value is in determining whether Form 8938 is required, identifying which assets are reportable, calculating maximum values, reviewing threshold rules, and coordinating Form 8938 with FBAR and other foreign reporting forms.

How It Works

1. Foreign Asset Intake

We review your foreign accounts, investments, entity interests, pensions, contracts, and related documentation.

2. Threshold Review

Form 8938 thresholds vary based on filing status, whether the taxpayer lives abroad, and whether the filer is an individual or specified domestic entity. The IRS instructions state that a Form 8938 filing may be required if specified foreign financial assets exceed the applicable reporting threshold.

3. Asset Classification

Each asset is reviewed to determine whether it appears to be a specified foreign financial asset and how it should be reported.

4. FBAR Comparison

Form 8938 does not replace FBAR. The IRS states that taxpayers may need to file Form 8938, FinCEN Form 114 FBAR, or both, depending on the facts.

5. CPA Preparation

Form 8938 is prepared and coordinated with the income tax return and related international reporting forms where applicable.

Technical Explanation

Form 8938 is commonly associated with FATCA reporting, but it is not the same as FBAR.

FBAR focuses on foreign financial accounts and is filed separately with FinCEN. Form 8938 is attached to the income tax return and reports specified foreign financial assets when the applicable IRS threshold is met. The same foreign account may sometimes need to be reported on both forms.

Form 8938 may interact with:

Form 1040
Schedule B foreign account questions
FinCEN Form 114 / FBAR
Form 5471 foreign corporation reporting
Form 8865 foreign partnership reporting
Form 8621 PFIC reporting
Form 3520 foreign trust or gift reporting
Form 1116 foreign tax credit
Form 2555 foreign earned income exclusion
Foreign pension and deferred compensation reporting
Foreign brokerage and investment reporting

The IRS may assess a $10,000 penalty for failure to file a complete and correct Form 8938 by the due date, with additional continuation penalties after IRS notice

Form 8938 thresholds depend on filing status and whether the taxpayer is considered living in the United States or living abroad for Form 8938 purposes.

Living in the United States

Filing Status	File Form 8938 if specified foreign financial assets exceed
Single / Unmarried	$50,000 on last day of year or $75,000 at any time
Married Filing Jointly	$100,000 on last day of year or $150,000 at any time
Married Filing Separately	$50,000 on last day of year or $75,000 at any time

Living Abroad

Filing Status	File Form 8938 if specified foreign financial assets exceed
Single / Unmarried	$200,000 on last day of year or $300,000 at any time
Married Filing Jointly	$400,000 on last day of year or $600,000 at any time
Married Filing Separately	$200,000 on last day of year or $300,000 at any time

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