If you’re required to submit an FBAR, you may also need to turn in Form 8938 — a statement of specified foreign financial assets — to the IRS.
Single taxpayers who reside overseas are required to file Form 8938 if the total value of their foreign financial assets exceeds $200,000 on the last day of the tax year ($400,000 for spouses filing jointly) or if it exceeds $300,000 at any time in the year ($600,000 for spouses filing jointly).
Single filers who reside in the U.S. must submit Form 8938 if the total value of their foreign financial assets exceeds $50,000 on the last day of the tax year ($100,000 for joint filers) or if the value exceeds $75,000 at any time during the year ($150,000 for couples filing jointly).
If you fail to disclose these amounts, you could face a penalty of up to $10,000.
If you continue to withhold the information even after the IRS notifies you of a failure to disclose, you may face a maximum penalty of $60,000, along with potential criminal penalties.
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