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Form 8938 Chandler Arizona: What You Should Know
Federal Financial Compliance Act of 2025 (FFA) is one of a group of federal financial disclosure laws. The laws are designed to improve the nation's understanding of the full range of financial matters to which financial disclosure is required by federal law. The disclosure requirements under FAR and Form 8938 are different. In particular, Form 8938 reports an individual who is an eligible owner of a financial account. This means that this form must be filed by an individual with the account (e.g., person or entity) as well as another individual if: the account is owned by both entities; and the account is more than 10,000. In contrast, FAR reporting applies to a foreign financial account in which the taxpayer has an interest. The law has been updated several other times, but the basic requirements are unchanged. The major updates to the law are described below. See Foreign Account Tax Compliance Act (FATWA) for more about FATWA. A description of the specific requirements set forth in FAR vs. Form 8938 can be found at the FATWA page. The IRS provides the following detailed description of the requirements for Form 8938 reporting under FAR and how to file. FAR-IRS Overview of Form 8938 and Form 8938-PURPOSE This section of the guide explains the specific requirements for Form 8938 reporting under FAR and the types of accounts required to report to the IRS.
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