U.S. taxpayers with foreign financial assets may be required to file Form 8938 under the Foreign Account Tax Compliance Act. This requirement is separate from FBAR reporting and applies to certain foreign accounts and assets that exceed specific thresholds.
Margolies Law Office assists individuals and business owners in understanding and complying with Form 8938 reporting obligations to avoid costly penalties.
You may be required to file Form 8938 if you hold foreign financial assets such as:
Reporting thresholds vary depending on filing status and whether you reside inside or outside the United States.
Failure to file Form 8938 can result in substantial penalties. Additional penalties may apply if the IRS determines that income tied to those assets was not properly reported.
Margolies Law Office reviews account holdings, income reporting, and prior filings to determine whether corrective action is necessary.
If you failed to file Form 8938 in prior years, options may be available to come into compliance while minimizing penalties. Proper evaluation is critical before submitting amended returns or disclosure forms.
With over 10 years of experience and more than 450 clients assisted, Margolies Law Office helps taxpayers address international reporting requirements and reduce enforcement risk.
If you have foreign assets and are unsure whether Form 8938 applies to you, call (469) 626-7760 to schedule a confidential consultation.
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After Andrew started working on it, the letters stopped. We were notified there had been a credit to my mom’s account, and finally the payment was properly applied with a zero balance. She is even receiving a refund.
We’re very happy with Andrew and would highly recommend him.”
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Being 9 months pregnant, Andrew was extremely sensitive to my timeline urgency and was on the phone with me at 5pm on a Friday helping me with my case.
Before meeting with Andrew, I called around to 10 different offices. All of those interactions felt like a sales funnel and a money grab. I can’t explain the relief I have having chosen to work with Andrew and having a resolution within days. We’re absolutely thrilled with the value and the experience.”
“100% recommended. I had a problem regarding my tax return since the beginning of 2023 and had been trying to follow up myself until 2025 with no progress. I decided to work with Attorney Andrew and Jennifer and in less than a month my problem was solved.
Attorney Andrew is very knowledgeable with reasonable fees and Jennifer is very responsive to all requests and questions. Most importantly they have business ethics. I will not look further if I have any more tax problems.”
