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Usually, taxation is pretty cumbersome. The importance of the event puts some stress on the individual, and completing the form can be challenging. Each character in the Form 8938 for 2025 matters at such a critical moment, so completing a printed form may take a lot more time and effort than an electronic one. To make this process more efficient, use DocHub and complete your taxation year effortlessly.

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The maximum penalty for unreported offshore accounts is still $10,000 per year (regardless of how many accounts were unreported) if the taxpayer can prove the reason for noncompliance was inadvertent or non-willful behavior. Thats still $10,000 per year for failing to file an FBAR, best case scenario.
Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.
If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS.
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year. Filing Requirements for Those With Foreign Assets, Form 8938 sambrotman.com filing-requirements-for-t sambrotman.com filing-requirements-for-t
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.

People also ask

Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayers annual income tax return. Do I need to file Form 8938, Statement of Specified Foreign Financial irs.gov businesses corporations do-i-ne irs.gov businesses corporations do-i-ne
Section 6038D(d) If any individual fails to furnish the information described in subsection (c) with respect to any taxable year at the time and in the manner described in subsection (a), such person shall pay a penalty of $10,000.
If you are a taxpayer living abroad you must file if: You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.
If you are a specified domestic entity, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
Consequences of Non-disclosure of Foreign Assets You might have to pay a penalty of INR 10 lakhs for every year that you fail to disclose your foreign assets. Any non-reporting of foreign assets while filing the ITR is considered a willful evasion of tax, and you might have to face imprisonment of up to 7 years.

irs form 8938