FATCA Reporting Reviews
I received very good assistance with tax paperwork. My regular cpa could not handle FBAR & 8938 filing. Very reasonable pricing and continual feedback and assistance.
I used Greenback Expat Tax Services to prepare my tax return, Form 8938, and FBAR. This was my first time using this company and the whole process was smooth and hassle-free. The CPA was professional, responsive, and knowledgeable. The prices are fair, reasonable, and transparent.
I had never known about FATCA and FBAR until last year. My Greenback accountant helped me navigate that easily. And was very, very patient with me. Also, this year was more complicated than all of my other years of filing and he helped with all of the extra forms.
I had a fantastic accountant who responded within 24 hours every single day, as we went back and forth for 2 weeks straight to complete a very complicated project of offshore domestic streamlined filing of 6 years of FBARs and three years of amended 1040s and Forms 8938.
Common Questions About FATCA and Form 8938
Greenback’s FATCA fees are simple: a flat $120 for Form 8938 covering up to 5 specified foreign financial assets. Each additional group of 5 is $65, so 6 to 10 assets cost $185 and 11 to 15 cost $250, with pricing confirmed before work begins and no hourly billing.
Greenback checks three things before preparing anything. The first is whether you count as living abroad, which means a tax home abroad plus either bona fide residence for the full year or 330 days abroad in a 12-month period. The second is whether your specified foreign financial assets are above the threshold for your filing status, and the third is whether you have to file a federal return at all, since Form 8938 is only required with one.
If you do not qualify as living abroad, the lower U.S. thresholds apply: more than $50,000 on the last day of the year, or $75,000 at any time, for single filers; and $100,000 or $150,000 for married couples filing jointly.
Greenback reviews your holdings item by item, and each specified foreign financial asset counts as one asset toward the 5 your fee covers. A specified foreign financial asset is what the IRS asks you to report on Form 8938: foreign bank and investment accounts, foreign stock held outside an account, an interest in a foreign entity, and foreign pensions generally count, while foreign real estate you own directly does not, though an interest in a foreign entity that holds it can.
Greenback charges $245 for both: $125 for the FBAR (up to 5 accounts) and $120 for Form 8938 (up to 5 assets). They are separate filings with different thresholds; many expats need one and not the other, and Greenback prepares only what your situation requires.
Greenback can prepare your Form 8938 even if your federal return is prepared elsewhere, ready for your preparer to attach to your annual income tax return, since the IRS requires Form 8938 to be filed with your annual income tax return. When Greenback prepares your return too, the same accountant handles both and files them together.
Greenback usually completes Form 8938 in one to three weeks: alongside a full return, it follows the return’s two-to-three-week timeline, and when prepared for a return filed elsewhere, it is often ready within a week.
Greenback needs your foreign account and asset details, including the maximum value each reached during the year and the institution or entity associated with each.
Greenback reviews which past years were affected and catches you up, either by amending those returns to add Form 8938 or through the Streamlined Filing Package if you qualify. Greenback recommends the route that fits your situation before any work begins.
Flat $120 for up to 5 assets. Reviewed and prepared by an expat accountant, regardless of whether Greenback prepares your annual return.