FBAR And FATCA Submission
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FBAR & FATCH Filing
FBAR: The Foreign Bank Account Report (FBAR) requires U.S. persons with foreign financial accounts exceeding $10,000 to report them annually using FinCEN Form 114. This applies to accounts like bank accounts, brokerage accounts, and certain foreign retirement plans.
FATCA: The Foreign Account Tax Compliance Act (FATCA) mandates U.S. taxpayers to report specified foreign financial assets on Form 8938 if their value exceeds set thresholds. FATCA also requires foreign financial institutions to report U.S. account holders to the IRS
FATCA Filing Requirements
Under FATCA (Foreign Account Tax Compliance Act), U.S. taxpayers are required to report their foreign financial assets. If the value of these assets exceeds specified thresholds by the end of the year or at any time during the year, you must file Form 8938 along with your tax return. This form provides detailed information about your foreign accounts and assets. Meeting U.S. FATCA reporting requirements is crucial to avoid penalties, so gather all necessary documentation, such as account statements and ownership proof, to fulfill your obligations effectively
FBAR Compliance
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✔ Filing Requirements: U.S. persons must file an FBAR if the aggregate value of foreign accounts exceeds $10,000 at any point during the year. The deadline is April 15th, with an automatic extension to October 15th.
✓ Penalties: Non-compliance can lead to severe penalties, including up to $10,000 per violation for non-willful failures and higher penalties for willful violations, potentially up to 50% of the account balance.
FATCA Compliance
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✔ Individual Reporting: U.S. taxpayers must file Form 8938 if their foreign financial assets exceed $50,000 ($100,000 for joint filers) at year-end, or $75,000 ($150,000 for joint filers) at any time during the year.
✓ Penalties: Failure to file can result in a $10,000 penalty, with additional fines for continued non-compliance. Foreign financial institutions face a 30% withholding tax on U.S. income if they fail to comply
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FBAR Filing Requirements
FBAR Filing Requirements
If you're a U.S. person with foreign financial accounts, you must comply with FBAR (Foreign Bank Account Report) filing requirements. You need to file an FBAR if the total value of your foreign accounts exceeds a certain threshold at any point during the year. This includes various types of accounts such as bank accounts, brokerage accounts, and certain foreign retirement plans. The FBAR is due annually by mid-April, but you can extend this deadline to October. Proper reporting helps you avoid significant penalties, so maintain accurate records of all foreign accounts to ensure a smooth filing process.