I wnat to talk about Form 8938 and FBAR.

The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to
file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the
FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of
Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury,
separate from the IRS. Individuals must check the requirements and relevant reporting thresholds of
each form and determine if they should file Form 8938 or FinCEN Form 114, or both.