If you're required to submit an FBAR, you may also need to turn in a statement of specified foreign financial assets — Form 8938 — to the IRS when you file your income tax return.
Be aware that this form is subject to reporting thresholds, and that those thresholds will vary based on your filing status and whether you live in the U.S.
Single taxpayers who live overseas are required to file Form 8938 if the total value of their foreign financial assets exceeds $200,000 on the last day of the tax year ($400,000 for married filing jointly) or if it exceeds $300,000 any time during the year ($600,000 for spouses who file jointly).
Single filers who live in the U.S. must turn in Form 8938 if the total value of their foreign financial assets exceeds $50,000 on the last day of the tax year ($100,000 for joint filers) or if the value exceeds $75,000 any time during the year ($150,000 for couples filing jointly).
Taxpayers who fail to disclose these accounts face a penalty of up to $10,000.
If they continue to withhold information even after the IRS notifies them of a failure to disclose, these account holders may face a maximum penalty of $60,000, along with criminal penalties.