Form 8938 is a new form for the 2011 tax year. Taxpayers are required to disclose on the form “specified foreign financial assets” if the total value of the taxpayer’s interests in such assets exceeds certain thresholds.
The IRS has realized Form 8938 is creating a fair bit of confusion. That’s because the FBAR (TD F 90-22.1) requirements were already in place. And they still are.
Form 8938 has not replaced the FBAR. They are two separate reporting requirements that have some similarities and some differences. To assist taxpayers with figuring it all out, the IRS recently posted a chart comparing them. View it here.