Foreign account reporting can be complex, but at Sai CPA Services, we're here to guide you through the essential requirements of FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank Account Report).
FATCA Reporting Requirements U.S. taxpayers holding foreign financial assets exceeding $50,000 must file Form 8938 with their annual tax returns. This requirement encompasses various financial assets, including bank accounts, investment accounts, and certain foreign insurance products. Foreign financial institutions are also mandated to report accounts held by U.S. taxpayers, ensuring comprehensive compliance.
FBAR Filing Obligations If you're a U.S. person with foreign financial accounts totaling o...
Foreign account reporting can be complex, but at Sai CPA Services, we're here to guide you through the essential requirements of FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank Account Report).
FATCA Reporting Requirements U.S. taxpayers holding foreign financial assets exceeding $50,000 must file Form 8938 with their annual tax returns. This requirement encompasses various financial assets, including bank accounts, investment accounts, and certain foreign insurance products. Foreign financial institutions are also mandated to report accounts held by U.S. taxpayers, ensuring comprehensive compliance.
FBAR Filing Obligations If you're a U.S. person with foreign financial accounts totaling over $10,000 at any point during the calendar year, you must file FinCEN Form 114. This applies to individuals, corporations, partnerships, and trusts with foreign account signature authority or financial interests.
Critical Deadlines
FATCA Form 8938: Due with your annual tax return (April 15, with automatic extension to October 15)
FBAR FinCEN Form 114: Due April 15, with automatic extension to October 15
Penalty Framework Non-compliance can result in significant penalties:
FATCA: Initial $10,000 penalty, potentially increasing to $50,000 for continued non-compliance
FBAR: Non-willful violations up to $10,000 per violation; willful violations up to $100,000 or 50% of account balance
At Sai CPA Services, we specialize in helping clients navigate these complex reporting requirements. Our expert team ensures accurate filing and compliance with all international tax obligations. Contact us at our East Brunswick office: (908) 888-8900 or visit www.saicpaservices.com for comprehensive assistance with your foreign account reporting needs.
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NJ 08816
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