What is Form 8938?
The IRS introduced a new form required for some individuals with offshore assets, Form 8938, Statement of Specified Foreign Financial Assets. This Form must be filed by any US citizen or US resident required to file a US income tax return who owns an interest in what are called "specified foreign financial assets"(SFFA) above certain values. SFFAs include foreign financial accounts, foreign securities, foreign corporate shares or partnership interests, and others. The value limitations vary depending on filing status and current residence. The Form was first required to be filed, for most individual taxpayers, with their 2011 tax returns. The FBAR is still required even if individuals file Form 8938.