Navigating the complexities of international tax compliance can be challenging, especially when it comes to reporting foreign financial assets and investments. Whether you are an individual taxpayer, a tax professional, or a financial advisor, understanding these reporting obligations is crucial to ensure compliance with the IRS regulations and avoid potential penalties.

CPAs Varshika Gupta and Rajesh Ghimire, along with our Client Services Manager, Arianna Gonzalez, will cover overview of FBAR, Form 8938, and PFIC reporting requirements; reporting thresholds and filing deadlines; strategies for managing PFIC investments and minimizing tax implications; and many more.
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Key moments
00:00 Introduction
01:00 What is PFIC and What company are PFIC?
11:45 What is the meaning and purpose of FBAR?
12:55 Who is required to file FBAR? /Or who must file FBAR?
13:27 What is Foreign financial account?
14:16 When and how to File the FBAR?
14:55 What is the FBAR limit?
15:15 How is maximum account value of a foreign financial account determined?
15:50 What information is reported on Form 114 for FBAR.
16:20 What is the exception to filing FBAR?
17:30 What Are the FBAR Penalties for Nonfiling?
18:18 What is the meaning and purpose of 8938?
18:45 Who Must File the Form 8938?
19:25 Which foreign assets should be reported on Form 8938? /Or what is Foreign financial account?
19:58 When and How to File Form 8938?
20:17 What is the threshold limit for 8938?
22:02 What is the reporting period and how is the maximum value determined?
22:43 What are the penalties for nonfiling of Form 8938?
23:13 How is Form 8938 different from FBAR?

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