FBAR & FATCA Compliance

All U.S. Citizens and Resident Aliens are required to report certain foreign financial accounts each year under the Bank Secrecy Act. If you have a financial interest or signature authority over any foreign bank, securities, or investment accounts with an aggregate value exceeding $10,000 at any time during the year, you must file an FBAR (Report of Foreign Bank and Financial Accounts).

FBAR filing is a mandatory disclosure submitted electronically to the Financial Crimes Enforcement Network (FinCEN) via Form TD F 90-22.1 (now FinCEN Form 114). The filing deadline for FBAR is typically April 15th each year, with an automatic extension to October 15th if needed.

Understanding FATCA Reporting

The Foreign Account Tax Compliance Act (FATCA) requires U.S. taxpayers holding foreign financial assets exceeding certain thresholds to report them to the IRS using Form 8938, filed along with your annual income tax return. If your total foreign assets exceed $50,000 at any time during the year, FATCA compliance becomes mandatory.

Our team assists in identifying reportable accounts, calculating balances, and preparing accurate FBAR and FATCA filings to ensure you remain fully compliant with IRS and FinCEN requirements. We help you avoid heavy penalties for late or inaccurate reporting through careful planning and review.