Reporting Foreign Financial Accounts: FinCEN and FBAR


What should tax preparers know regarding the reporting of foreign financial accounts? This course offers historical background pertaining to the Financial Crimes Enforcement Network (FinCEN) and account reporting. In addition, the course focuses on the preparation process for the Report of Foreign Bank and Financial Accounts (FBAR) and Form 8938, Statement of Specified Foreign Financial Assets.

Revision Date: February 2023


Prerequisites are not necessary to participate in this course and no advance preparation is needed.

Course Description

As tax professionals comply with requirements to report the foreign financial accounts of clients, many questions may arise. Questions may include:

  • What is the role of the Financial Crimes Enforcement Network (FinCEN)?
  • What purpose does the Report of Foreign Bank and Financial Accounts (FBAR) have?
  • How does the purpose of the FBAR differ from that of Form 8938, Statement of Specified Foreign Financial Assets?
  • Why are the FBAR report and Form 8938 required to be separately filed by many filers?
  • What implications ensue for tax professionals?

This course offers background information to offer historical context behind the requirements to report financial accounts, as well as a detailed look at the current preparation and filing guidelines.

After completing this course, you will be able to:

  1. Explain the history and purpose of FinCEN
  2. Understand when filing the FBAR and Form 8938 are required
  3. Prepare and file the FBAR and Form 8938
Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
CPE Facts
NASBA 1 Self-Study Taxes N/A 103137
CTEC 1/0 Self-Study Federal Tax Law 3038-CE-0295 3038
IRS 1 Self-Study Federal Tax Law FQTGU-T-00534-22-S FQTGU
Texas State Board of Accountancy 1 Self-Study Taxes 100409 002921
Pennsylvania State Board of Public Accountancy 0.5 Self-Study (Non-Interactive) Taxes N/A

* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.



Drake Software is an IRS-qualified sponsor of continuing professional education.


Drake Software is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website,

Drake Software has been approved by the California Tax Education Council to offer the Federally Declared Disasters course, CTEC #3038-CE-0289, which provides 1 hour of federal credit and 0 hours of state credit towards the annual continuing education requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, at (877) 850-2832, or at


Drake Software is registered with the Texas State Board of Public Accountancy as a CPE sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE program.

Course Policies

Send cancellation requests to Requests must be made within 30 days of purchasing the course. To be granted a full refund, you must not have completed and earned continuing education for the course. No refunds will be issued after the course expiration date. For more information regarding the refund policy or to address concerns or complaints regarding courses, contact the DrakeCPE support team at

Other Details
Last Revision February 2023
Course Expiration The CPE portion of this course expires one year from date of purchase