Form 8938
Statement of Specified Foreign Financial Assets
Report your foreign financial assets. Stay compliant. Avoid costly IRS penalties.
If you are a U.S. person with specified foreign financial assets above certain thresholds, you may be required to file Form 8938 with your U.S. tax return. We help Canadians and other cross-border taxpayers understand and meet their Form 8938 reporting obligations.
Avoid Severe Penalties
Accurate Reporting & Calculations
Expert Cross-Border Tax Guidance
Who Needs to File Form 8938?
You may need to file Form 8938 if, at any time during the year, your specified foreign financial assets exceed the applicable thresholds.
U.S. Citizens
Living abroad, including in Canada.
U.S. Green Card Holders
U.S. Green Card Holders
Dual Citizens
U.S. citizens who are also Canadian citizens.
Specified Asset Thresholds
Varies by filing status and whether you live in the U.S. or abroad.
Wide Range of Accounts
Includes bank accounts, investments, mutual funds, insurance, and more.
Key Facts About Form 8938
- Filed with your U.S. tax return (Form 1040).
- Reports specified foreign financial assets.
- Thresholds vary based on filing status and residency.
- Includes accounts at financial institutions, securities, and other assets.
- Requires highest value reporting during the year.
- Penalties for non-filing: up to $10,000
- Continued non-compliance: up to $50,000.
- Separate from FBAR (FinCEN Form 114) — both may be required.
How IC Tax Can Help
- Determine if you are required to file Form 8938.
- Identify and classify your foreign financial assets.
- Calculate the highest value of assets during the year.
- Prepare and file Form 8938 accurately.
- Coordinate with your U.S. tax return (Form 1040).
- Ensure compliance and minimize penalty risk.
- Provide year-round cross-border tax support.
Our Form 8938 Process
01
Consultation
We discuss your situation and determine if Form 8938 is required.
02
Information Gathering
We collect details of your foreign financial assets and account values.
03
Analysis
We analyze your assets against IRS thresholds and reporting rules.
04
Preparation
We prepare Form 8938 with accurate calculations and disclosures.
04
Filing
We file Form 8938 with your U.S. tax return electronically.
05
Ongoing Support
We provide ongoing guidance for future years and changes.
Don't Let Non-Compliance Cost You.
Let our cross-border tax experts help you file Form 8938 accurately and stay compliant with IRS reporting requirements.