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FBAR & FATCA

The Foreign Bank Account Report (FBAR) and the Foreign Account Tax Compliance Act (FATCA) are two critical regulations that require U.S. taxpayers to report their foreign financial assets and accounts. Compliance is essential to avoid significant penalties.

FBAR Requirements

File the Foreign Bank Account Report (FBAR), officially known as FinCEN Form 114, for qualifying foreign financial accounts.

U.S. persons generally must report foreign financial accounts when the aggregate value exceeds $10,000 at any time during the calendar year.

The FBAR filing deadline is April 15, with an automatic extension to October 15.

FATCA requires U.S. taxpayers to report specified foreign financial assets using Form 8938, Statement of Specified Foreign Financial Assets, when applicable thresholds are met.

FATCA reporting thresholds vary depending on filing status and residency status. Understanding the applicable threshold is important for determining reporting requirements.

Non-compliance with FBAR and FATCA requirements can result in severe penalties, including substantial fines and potential criminal liability. Space Tax helps you approach your reporting requirements with accuracy and confidence.

FBAR & FATCA

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