Key Differences between the FATCA & FBAR Filing Requirements
The Foreign Account Tax Compliance Act ("FATCA") created a new information filing requirement for taxpayers holding certain offshore assets (more info at http://www.internationaltaxseattle.com/#!fatca-new-reporting-requirements-for-of/c10ym). While the information required to be filed with the new Form 8938 appears to be duplicative of the information already required by the FBAR, several key differences between the two filing requirements remain. Those differences are outlined in the link below.
IRS CIRCULAR 230 NOTICE: ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY HARLOWE & FALK LLP TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
Mehrdad is a partner at the law firm of Harlowe & Falk LLP. Based in the greater Seattle area, but with clients internationally, Mehrdad's practice includes international tax consulting. This includes consulting with clients on inbound transactions, outbound transactions, mergers & acquisitions, and IC-DISC....