Form Instructions 8938 AR 2021-2024

Form Instructions 8938 AR: What You Should Know

The Report of Foreign Bank and Financial Accounts (FAR) Regulations require taxpayers to disclose accounts held by a foreign financial institution and U.S. financial institutions with correspondent relationships (a correspondent relationship means the exchange of certain types of financial or other information). The FATWA Implementation and Related Guidance provides guidance for U.S. financial institutions and correspondent relationships that must comply with FATWA. The reportable foreign financial account must meet a minimum threshold and an exemption factor The IRS is issuing the new Fin CEN regulations to address the reporting requirements for Bars. The Guidance also confirms that the FAR regulations do not require U.S. financial institutions to determine or identify the owner of an account. If your foreign financial account meets both the minimum threshold and the exemption factor, you or your foreign financial institution must determine whether the account satisfies the statutory account criteria that the requirements of the FATWA Regulations describe. Once you determine that the FAR requirements apply, your required FAR disclosure must be filed with an SF-86 for each FAR filing year (2016,2017,2018, 2019, 2020) that the account is required to be disclosed.

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