FBAR and FATCA Compliance
FBAR and FATCA Compliance
Many taxpayers have financial ties outside the U.S., and as a U.S. person, you are required to disclose additional financial information to the IRS. Navigating the complexities of foreign account reporting can be challenging, but we’re here to simplify the process for you.
Understanding FBAR and FATCA:
- FBAR (Foreign Bank Account Reporting): Requires disclosure of foreign financial accounts exceeding $10,000 in aggregate during a calendar year.
- FATCA (Foreign Account Tax Compliance Act): Mandates reporting of specified foreign financial assets exceeding set thresholds.
We Provide Guidance On:
- Foreign bank, stock, and mutual fund accounts.
- Life insurance policies with cash value.
- Accounts with nominee ownership.
- Foreign real estate holdings, inheritance, and more.
Let us help you navigate FBAR and FATCA requirements with confidence and clarity.