What is the difference between FATCA and FBAR?
Understand the different agencies, forms, assets, thresholds, and filing systems behind FATCA Form 8938 and the FBAR.
FATCA Form 8938 is attached to an IRS income-tax return and covers specified foreign financial assets. The FBAR is filed electronically with FinCEN and focuses on reportable foreign financial accounts under the Bank Secrecy Act. The forms can overlap, but one does not replace the other. Compare the current instructions for both before deciding what to file.