Yes, even though those thresholds pertain to the total value of foreign assets, foreign accounts still need to be reported to ensure comprehensive disclosure of all foreign financial interests. This helps the IRS combat tax evasion and ensure compliance with tax laws. This gives the IRS a complete portrait of your foreign interests.
The IRS is interested in knowing about all your foreign accounts so in a sense, I suppose these could be considered "one and the same" because these are the accounts where your foreign assets are kept.
Do I need to file Form 8938, Statement of Specified Foreign Financial Assets?
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