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FATCA Reporting requirement is fulfilled by filing Form 8938, “Statement of Specified Foreign Financial Assets,” with the taxpayer’s annual federal income tax return. This form requires taxpayers to disclose information about their foreign financial accounts, including bank accounts, brokerage accounts, and certain other investments. FATCA, which stands for Foreign Account Tax Compliance Act, is a U.S. law that aims to prevent tax evasion by U.S. taxpayers holding assets in foreign financial institutions.
The penalties for failing to comply with FATCA Reporting requirements can be significant. If a taxpayer fails to file Form 8938 or provides incomplete or inaccurate information, then they may be subject to a penalty of up to $10,000. If the failure continues for more than 90 days after the IRS notifies the taxpayer, then additional penalties of up to $50,000 may be imposed.
Our CPA CLINICS’ FATCA Reporting team have a deep understanding of the FATCA regulations and assists individuals and organizations navigate the complex requirements of FATCA. We efficiently assist with the identification and classification of U.S. account holders, the collection and reporting of relevant information, and the submission of required forms and reports to the IRS.
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FATCA Reporting
Form 8938
The threshold for filing Form 8938 depends on the filing status and where the person lives.
For individuals living in the United States, the threshold is as follows:
1. Single taxpayers or married taxpayers filing separately: The total value of specified foreign financial assets must be more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
2. Married taxpayers filing jointly: The total value of specified foreign financial assets must be more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
For individuals living abroad, the thresholds are higher:
1. Single taxpayers or married taxpayers filing separately: The total value of specified foreign financial assets must be more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.
2. Married taxpayers filing jointly: The total value of specified foreign financial assets must be more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.
These thresholds can change, so it is always a good idea to consult the latest IRS guidelines or seek our professional tax advice to ensure compliance.
In addition to meeting the threshold requirements, must also meet certain criteria to be required to file Form 8938. These criteria include being a specified individual, which generally refers to U.S. citizens, resident aliens, and certain non-resident aliens who meet specific conditions.
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