With the massive US initiative to uncover tax cheats who are hiding assets overseas, the government requires individuals to file additional forms if their assets exceed certain thresholds. The two main forms are FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act). While both forms report foreign assets, they each have different reporting thresholds for different assets. If you are confused about what you may need to file, you aren’t alone! Millions of US expats are unsure about their reporting obligations, so we created this handy chart which clearly outlines the filing requirements for both FBAR and FATCA.
FBAR vs. FATCA
For the full chart, click on the image above!
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