What is FATCA for Expats?

FATCA is the 2010 Foreign Account Tax Compliance Act, a law that affects expats in two ways. Firstly, it compels all foreign banks and investment firms to report their American account holders to the IRS or pay a tax when they trade in US markets.

FATCA News

FATCA also requires expats with over $200,000 in foreign financial assets to report them each year by filing form 8938 when they file their federal tax return. You can find information and news relating to FATCA updates int he articles below.

What Information is the IRS Collecting About Expats?

What Information is the IRS Collecting About Expats?

Following recent disclosure that the IRS will soon have the ability to revoke passports of US citizens who owe more than $50,000 of back taxes, fines and interest, we thought it was an opportune moment to take a look at what information the IRS is collecting on Americans living abroad. Historically, the IRS relied on […]

Record Numbers of Americans are Renouncing US Citizenship

Record Numbers of Americans are Renouncing US Citizenship

Numbers of Americans renouncing has accelerated Every three months, the state department publishes how many people renounced their citizenship in that quarter. The most recent figure is 1426, which is a new record. To put that into context, in 2008, just 235 people renounced their US citizenship in the whole year. The number has been […]

Form 8938 and FinCEN Form 114 – What Expats Need to Know

Form 8938 and FinCEN Form 114 – What Expats Need to Know

Many of our clients confess to some confusion (or lots!) about whether they have to complete Form 8938, FinCEN Form 114, or both, so we’d like to shed some light on the situation. What are they? IRS Form 8938 is required under the Foreign Account Tax Compliance Act or FATCA for reporting assets held abroad. […]

In The Era Of Big Data Here Are The 13 Ways The IRS Will Find You

In The Era Of Big Data Here Are The 13 Ways The IRS Will Find You

FATCA, THE FOREIGN ASSET TAX COMPLIANCE ACT. Under FATCA, all foreign banks, worldwide, are now required to report their American customers to the United States or face debilitating consequences. Welcome to the era of Big Data. The IRS has rapidly expanded its technology so that at a glance they can track virtually everything you do […]

US Expats Getting It Right – FATCA and FBAR Explained

US Expats Getting It Right – FATCA and FBAR Explained

Recently the FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) filing requirements have generated quite a bit of controversy, as they pertain to the recent IRS crackdown on financial assets in overseas accounts. FATCA in particular has caused some uproar since going into effect in March 2010, as foreign financial institutions […]

An Astounding 77,000 Banks, 70 Countries Now Reporting Americans To IRS

An Astounding 77,000 Banks, 70 Countries Now Reporting Americans To IRS

An astounding 77,000 banks and financial institutions—even some in Russia—have registered under FATCA—the Foreign Account Tax Compliance Act. America’s global tax law requires foreign banks to reveal American accounts holding over $50,000. Non-compliant institutions could be frozen out of U.S. markets, so everyone is complying. The fact that 77,000 banks have registered and some 70 […]

Snap, Crackle, FATCA and American Taxpayers Living Abroad

Snap, Crackle, FATCA and American Taxpayers Living Abroad

“FATCA was created in part because of the fear of the United States government that the globalization of finance would give far more people the opportunity to hide their money. It was becoming very clear that it wasn’t going to be just the very wealthy, but that it could really be the middle class and […]

Happiness is a FATCA Sandwich

Happiness is a FATCA Sandwich

” … What this means to Americans living overseas is that gone are the days of living off the grid. If you’re not up to date with your required US tax filing and FATCA and FBAR reporting, very soon you will most probably be receiving greetings from the United States and the IRS … “ […]