FBAR & Form 8938 The Same, But Different

This webinar focuses on the Report of Foreign Bank and Financial Accounts (FBAR)(Form 114) and Form 8938.
We discuss the filing thresholds for both forms, the types of accounts and assets that are required to be reported, the information to be reported, as well as some of their nuances; such as what exchange to use and how to report joint accounts.
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Hi! I am Jimmy Sexton, LL.M. - Founder & CEO of Esquire Group. I founded Esquire Group with the objective of helping and inspiring wealthy families, investors, entrepreneurs, and high-level executives obtain and gain control over and protect their wealth, via strategic wealth planning.
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-------------------------------------------------DISCLAIMER-------------------------------------------------------
This video is prepared for educational purposes only. This video is not legal, tax or any other type of advice. Each individuals’ circumstances are different, you should seek legal and/or tax advice to address your specific situation and any questions you may have.

[@FJF119]

Thank you for your time .

[@esquiregroup]

My pleasure!

[@wsmarshjr]

Very LUCID -- which is the name of the game in explaining tax rules. Would have liked to see a bit less emphasis on FBAR (which is comparatively straightforward) and a bit more on Form 8938. Thanks!

[@esquiregroup]

W S Marsh Thank you for your feedback. We’ll keep it in mind for the next one!

[@tjzeppled]

Fantastic videos! Very informative.
Could I transfer $ from my US account to my foreign wife's account and it be considered a "gift" that I would not have to file form 8938 or file at all?
And could she use that towards a down payment on a house and as long as it was in her name would that also be something I would not have to file?

[@esquiregroup]

Thank you for your comment. In order to give you proper advice we would need more information. We want to make sure we give you the right advice, and in order to do so, we need more info. The best way for us to give you this advice would for us to have a consultation with you. Please email us at [e-mail] to set up a consultation.

[@shahinershadi1550]

I appreciate your helpfull video.
I have registered a company abroad but I didn't open bank account also I didn't generate money. Should I fill the form 8938?
Thank you again

[@esquiregroup]

That depends on several factors. You may also be required to file Form 5471 and 926. We would need more info to determine exactly what needs to be done. I would suggest setting up a consultation with us where we can review your situation and advise on exactly what to do. You can setup a consultation by emailing us at [e-mail]

[@FJF119]

H i
I am off topic
Know a friend who hit the Powerball and I told him do not sign the back of the ticket and claim thru a LLC or a Trust .
Question : Should he obtain a 2nd passport , from there park his sudden wealth into a Dubai bank ?

[@esquiregroup]

I am assuming the person is a US person. If so, this wouldn't work as the winnings occurred as a US person.

[@avideoschannelnews1833]

My wife shares a bank account with me but it's my mother income. She is USA citizen and I have never visited States. And when I green card holder after I will get visa, do I need to file my agricultural income from my inherited property tax returns with USA. I already file in Pakistan? Income is around $30000, but it is generated from pakistan, my mother will handle farm lands after I will depart to USA

[@esquiregroup]

In order to give you proper advice we would need more information. We want to that we give you good advice so we need to be able to communicate with you and ask you questions so we can fully understand situation before giving advice. The best way for us to give you this advice would for us to have a consultation with you. Please email us at [e-mail] to set up a consultation.