If you own “specified foreign financial assets” as defined by the Foreign Account Tax Compliance Act (FATCA), you may have an obligation to report these assets to the Internal Revenue Service (IRS) using Form 8938. This form is due by April 15, but all taxpayers receive an automatic extension to October 15 if they miss the Tax Day deadline. In this article, Virginia offshore tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group,  explains what types of foreign financial assets trigger the FATCA reporting requirement.

If you own an offshore bank account or other foreign financial assets, you may have an obligation to disclose these assets to the Internal Revenue Service (IRS) when you file your annual return in 2022. So, how can you determine if you need to file? If you need to file, should you file IRS Form 8938, an FBAR or both? Virginia FATCA lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains: