FBAR and FATCA Compliance

–        FBAR is a FinCEN form (Financial Crimes Enforcement Network)

–        Filing due date is the same as the return filing due date.

–        FBAR includes foreign financial accounts – banks, investments, stock, life insurance and pension plans.

–        FBAR threshold is an annual aggregate total of all accounts on a single day of the year of $10,000.

–        Non-willful penalties are limited to a per form per year (based on recent Supreme Court Case decision)

–        FATCA (Foreign Account Tax Compliance Act) filing with for IRS on Form 8938 has similar requirements except threshold of $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.