What is the Difference Between Form 8938 and FBAR?

Description

This is in addition to the existing requirement to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if the taxpayer has financial interests in or signature authority over foreign financial accounts exceeding certain thresholds.

Both Form 8938 and FBAR reporting requirements are designed to help the IRS detect and combat international tax evasion. However, there are some key differences between the two forms that taxpayers should be aware of.