Who must file FATCA?
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: [email protected]