Form 8938 vs FBAR: what exactly is the difference and do I need both?
I've been filing FBARs for my foreign bank accounts for years. Now my new tax preparer says I also need Form 8938. This seems like double reporting the same information. What is the actual difference between these two forms? They both ask about foreign accounts. Is the IRS just trying to catch people who skip one of them? Also, if I already filed my FBAR, can I just reference it on Form 8938 instead of filling out all the details again?
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