Bright!Tax US Expat Tax Blog

Form 8938: What U.S. Expats Must Report Under FATCA Rules

Young couple reviewing documents with a financial advisor, discussing reporting requirements for Form 8938.

You know that foreign pension you barely remember signing up for? Or the joint account you opened just to pay rent abroad? Yeah—the IRS wants to talk about it. Officially called the Statement of Specified Foreign Financial Assets, form 8938 is how the U.S. keeps tabs on Americans with money overseas. If you’re a U.S. […]

FATCA Finally Came Into Effect his month

fatca banks

FATCA, the Foreign Account Tax Compliance Act, was a law passed in 2010 as part of a federal post-2008 financial crisis drive to crack down on tax cheats hiding their money abroad. An unintended consequence though has been the government both snooping on and increasing the tax burden on the estimated 9 million ordinary Americans […]