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.