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What is Foreign Account Tax Compliance Act (FATCA)?

WhAT IS Foreign Account Tax Compliance ACT (FATCA)? TABLE OF CONTENTS: Introduction How does FATCA affect US Citizens? Who must file Form 8938? What are the filing thresholds for Form 8938? What are specified Foreign Financial Assets? What are the penalties for Non-Compliance with Form 8938? Final Words  INTRODUCTION The Foreign account tax compliance act, also …

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What is FBAR ?

US TAX – BLOG WHAT IS FBAR? (fOREIGN BANK ACCOUNT REPORT) OR FINCEN FORM 114? TABLE OF CONTENTS Introduction Who should be filing FBAR (Foreign Bank Account Report) ? Do Green Card Holders or Foreign Nationals who elect to file a Full Year Tax Return file FBAR? Which Foreign Financial Accounts need to be reported …

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