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Who must file FATCA?

Posted by: Zaher Fallahi
Posted On: Jun 17, 2015

The US citizens, permanent resident aliens, and some non-resident aliens that have an interest in specified foreign financial assets and meet the reporting threshold, must file the IRS from 8938; “statement of specified financial assets” also known as Foreign Account Tax compliance Act (FATCA). Unlike the FBAR (FinCen form 114), which is filed separate from  the form 1040 and reported to the Financial Crimes Enforcement Network (FinCen)http://zflegal.wpengine.com/services/report-of-foreign-bank-and-financial-accounts-fbar  the form 8938 is attached to the form 1040. The threshold for a single taxpayer living in the US is $50,000 on the last day of the tax year or $75,000 at any time during the tax year. There are different threshold amounts for the married taxpayers filing jointly and taxpayers who live abroad. http://zflegal.wpengine.com/services/foreign-account-tax-compliance-act-fatca

For additional information on options available to taxpayers whit unreported foreign account, see who have the http://zflegal.wpengine.com/services/offshore-voluntary-disclosure-program-ovdp

Zaher Fallahi, Tax attorney, CPA, is an IRS tax controversy defense attorney, and assists taxpayers in resolving their tax problems with respect to domestic audits and unreported foreign bank accounts and foreign trusts. Contact: Los Angeles (310) 719-1040, Orange County (714) 546-4272, Website http://zflegal.wpengine.com e-mail:  taxattorney@zfcpa.com

Mr. Fallahi has been an exceptional attorney throughout my experience with him. His deep expertise and thorough understanding of OFAC law were evident. He provided clear and insightful guidance that was crucial in my case. Mr. Fallahi's professionalism and commitment to me as his client were truly commendable. He consistently ensured my concerns were addressed promptly and effectively. I highly recommend Mr. Fallahi to anyone seeking expert advice and representation in OFAC matters.
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I have had the pleasure of knowing attorney Zaher Fallahi for over 10 years in a professional capacity. Zaher is knowledgeable, diligent, capable and a conscientious attorney. Zaher has a strong reputation in his field - International Tax and Undisclosed Foreign Bank Accounts - and is a good person, in general. I highly recommend him for your legal needs.
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