FBAR? Form 8938? Both? If you’re unsure what the IRS expects, or a year was missed, get your overseas accounts and assets reviewed before another filing is overlooked.
Your foreign accounts, assets and the years involved.
Confirm the reporting needed and cost before we begin.
Our team prepares the agreed filings and checks the details.
Over 3000 ★★★★★ Reviews
Foreign bank, brokerage and other reportable financial accounts. We review ownership, signature authority and balances to establish your FinCEN Form 114 obligations.
Review my foreign accountsSpecified foreign financial assets may need reporting with your federal return. We review the threshold for your filing status and residence.
Check my Form 8938 needsOne filing does not replace the other. We assess both requirements and keep the account details and valuations consistent.
Review both requirementsUnfiled reports or incomplete disclosures need a review of the facts. We assess the appropriate correction route before preparing a submission.
Discuss my missed reportingForeign securities, fund holdings, partnership interests, pensions and cash-value contracts can raise additional reporting questions. We establish the agreed scope.
Discuss my overseas assetsMaximum balances, joint ownership and currency conversions need reliable records. We reconcile the statements and information used in the prepared reports.
Review my reporting recordsYou don’t need to diagnose your filing obligations before contacting us. Tell us what you hold and where.
The account, the balance and your filing status all matter. Our international tax team looks at them together.
We identify the foreign accounts and other assets involved, review the reporting requirements and establish what belongs in your engagement. The work may include FBAR, Form 8938 and separately scoped international forms.
You get an explanation of the records needed and the fee before preparation begins, with the prepared information reviewed before submission.
Talk to the international tax teamThe reporting overlaps, but the forms go to different places and use different tests.
Reports certain foreign financial accounts. For a covered US person, the aggregate account value exceeding $10,000 at any time during the calendar year generally triggers reporting, subject to exceptions.
Filed electronically with FinCEN, separately from the tax return. It is generally due April 15, with an automatic extension to October 15.
Check my FBAR requirementReports a broader set of specified foreign financial assets. The threshold depends on your filing status and whether you qualify as living abroad.
Attached to the federal income tax return, when required. Filing one of these reports does not satisfy the other requirement.
Check my Form 8938 requirementFor covered individuals, reporting is generally required when total specified assets exceed either the year-end value or the value reached at any time in the year.
| Filing status and residence | Year-end value | At any time |
|---|---|---|
| US resident · Single or married filing separately | More than $50,000 | More than $75,000 |
| US resident · Married filing jointly | More than $100,000 | More than $150,000 |
| Qualifying abroad · Single or married filing separately | More than $200,000 | More than $300,000 |
| Qualifying abroad · Married filing jointly | More than $400,000 | More than $600,000 |
The higher overseas thresholds require the applicable tax-home and residency or physical-presence conditions. Living outside the US on a particular date is not enough. Separate rules apply to specified domestic entities.
Check the threshold for my situationAn overseas bank account is only the starting point. Other financial interests may need consideration.
Foreign deposit and custodial accounts, securities held outside an account, partnership interests, funds and certain foreign-issued insurance or annuity contracts with cash value.
The account’s location and the way you own the asset affect reporting. We identify additional forms that may be needed.
Discuss the assets I holdForeign real estate held directly is not itself reported on Form 8938 or FBAR. An interest in a foreign entity owning that property may raise separate reporting obligations.
Income and gains can still belong on your tax return. Asset reporting and income reporting are different questions.
Review my ownership structureWe review the reporting from the records, rather than relying on a single closing balance.
An account dropping below a threshold at year-end does not necessarily remove the filing requirement.
Ownership interests, a spouse’s accounts and signature authority need their own review.
We establish the values and applicable exchange-rate treatment from the supporting records.
An FBAR filing does not automatically satisfy Form 8938, or vice versa.
Funds, businesses, trusts or gifts may raise additional questions beyond these two forms.
We review the history and any notices before recommending a catch-up or correction route.
CPAs, Enrolled Agents, tax accountants and financial planning specialists. Our team brings experience across US returns, foreign accounts, overseas income and cross-border reporting.
CPA · President
CPA · Senior Tax Manager
EA, CPA · Senior Tax Accountant
EA, CPA
ACCA, DipIFR
CFP
MA
Tax Accountant
Foreign reporting penalties can be significant. The appropriate response depends on the missing filings, income reporting, conduct and any contact from the IRS.
Tell us what was filed and what was missed. We assess eligibility for the relevant correction procedure before preparing a submission. No particular penalty outcome can be promised without reviewing the facts.
Account statements, institutions, countries, ownership details, asset values and prior reports. We identify the years and filings involved.
We review balances and currency conversions, prepare the agreed FBAR and Form 8938 work and reconcile the information with the return where needed.
You review the prepared information before filing. We follow the applicable submission route and explain records to retain for future reporting.
Possibly. They have separate coverage and thresholds. We assess each requirement for your accounts, assets and filing position.
Yes. Foreign account and asset reporting can apply even when there is no income or additional tax due.
No. The test concerns the aggregate value of the relevant foreign accounts. A single small account can still be reportable when the total exceeds the threshold.
No. Qualifying individuals abroad may use higher Form 8938 thresholds, but FBAR has its own rules. We review your status and the relevant tests.
Form 8938 is generally not required if you are not required to file an income tax return. That does not automatically remove an FBAR obligation.
Yes. Start with the years involved, what was filed and any government correspondence. We review the facts and the appropriate procedure before preparing corrections.
Tell us where you live, your filing status, the account and asset types, approximate values and the years involved. We identify the documents needed for secure sharing once the scope is established.
Tell us about your overseas accounts and assets, where you live and which years need attention. Our team will review the work and explain the fee before preparation starts.
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(866) 681-2140The Dimov Tax team will review your details and contact you about the next step. If you need to add something, call (866) 681-2140.
