FATCA Filing, For Americans with Offshore Assets
All American citizens and Green Card holders have to file US taxes every year, reporting their worldwide income, wherever in the world they live. Some Americans with offshore financial assets also have to report IRS Form 8938 every year, which is known as FATCA reporting.
What is FATCA?
FATCA is a 2010 law intended to reduce offshore tax evasion. One of the measures in the law was to require Americans (including those residing abroad) with offshore financial assets to report them on Form 8938 as part of their annual federal tax return.
Financial assets include investments, pensions, and positive bank balances. There are minimum total (per person) FATCA reporting thresholds, which start at $200,000 for Americans living overseas.
FATCA for Banks
FATCA also allows the IRS to receive Americans’ balance and contact details directly from foreign banks.
We charge $150 for FATCA Form 8938 filing, and a US tax prep fee of $500. You may also need to file an FBAR (Foreign Bank Account Report). If you’re not sure whether you need to file Form 8938 under FATCA rules, just ask your Bright!Tax CPA.
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