What is the difference between FBAR and Form 8938?

They are different reporting regimes with different definitions, thresholds and filing destinations. Some assets may be relevant to both, while others may be relevant to only one. Filing one does not automatically satisfy the other.

Are foreign pensions reportable in the United States?

Foreign pensions can create U.S. income-tax and information-reporting questions. Treatment varies by arrangement, country, ownership, treaty considerations and the taxpayer’s facts, so the account and prior reporting should be reviewed.

What happens if my previous accountant never asked about my foreign accounts?

The first step is to determine what information was available, what was filed and what should have been filed. Prior-preparer involvement is one fact among many and does not by itself determine the appropriate compliance approach.

What if I already received an IRS notice?

Provide the complete notice and do not assume a streamlined procedure remains available. ESBS can review the tax and accounting work, and may recommend consultation with experienced international tax counsel before a filing approach is selected.

Specified Foreign Financial Assets

Forgot Form 8938? Review the Assets, Thresholds and Return History Together.

Form 8938 is filed with the federal income-tax return to report certain specified foreign financial assets. ESBS reviews the taxpayer’s filing status, residence, asset types, values and prior returns to identify the appropriate scope.

Request a Confidential International Tax Review Discuss Your Foreign Account Reporting Situation (518) 295-8066

Form 8938 and FBAR overlap—but they are not the same

Form 8938 applies through the federal income-tax return and uses rules that differ from FBAR. Filing thresholds vary with filing status and whether the taxpayer lives in or outside the United States.

The assets considered can extend beyond ordinary bank accounts. A complete review may involve foreign brokerage holdings, interests in certain entities, financial instruments and other specified foreign financial assets.

The correct filing path depends on the complete facts. ESBS does not determine qualification from a web form.

How ESBS helps

Reporting and reconstruction within one coordinated scope

International reporting problems rarely involve only one form. We organize the records, identify connected reporting questions and prepare the agreed tax and information filings.

Asset inventory

Threshold and residence-fact organization

Maximum and year-end value reconstruction

Form 8938 preparation

Amended-return coordination

FBAR comparison

Foreign-income reconciliation

Future reporting checklist

Structured process

From scattered records to a documented filing process

01
Inventory
Identify assets, ownership, countries, values and how each asset is held.
02
Compare
Review Form 8938, FBAR, PFIC and entity-reporting concepts separately.
03
Prepare
Complete the applicable original or amended return reporting in scope.
04
Maintain
Carry forward the asset history and annual reporting information.

Some offshore matters require legal review

If the circumstances involve prior knowledge of reporting requirements, deliberate concealment, prior professional advice, IRS or Department of Justice contact, or other significant legal issues, ESBS may recommend consultation with experienced international tax counsel before an approach is selected. ESBS can assist with accounting reconstruction and tax preparation while counsel addresses legal or privilege-sensitive matters.

Scope follows the reporting history

International tax compliance engagements are scoped after an initial review because the required work depends on the taxpayer's accounts, assets, filing history and reporting requirements.

Request a Confidential International Tax Review Discuss Your Foreign Account Reporting Situation (518) 295-8066

Explore the international reporting cluster

Use these pages to understand the issues, then request a review so the forms are considered together.

International Tax & Foreign Reporting SDOP / Form 14654 SFOP / Form 14653 FBAR Compliance PFIC / Form 8621

Frequently asked questions

Request a Confidential International Tax Review

Not sure which form applies? That's okay. Tell us what happened and we'll start with the facts.

1. Contact & issue

2. Reporting details

This page provides general educational information, not individualized tax, accounting, legal or financial advice. ESBS is not providing legal representation, penalty defense or attorney-client privilege. Filing requirements and available procedures depend on the taxpayer’s circumstances and current law.