- Federal Tax Return Preparation
- State Tax Return Preparation
- Late Tax Return Preparation
- Foreign Bank Account Reporting
- Foreign Account Tax Compliance Act Reporting
- Small Business Tax Return Preparation
- Streamlined Filing Package
- UK Self-Assessment Tax Return
- Canadian Tax Return Preparation
- Additional Expat Tax Services
Do I need to complete the FATCA form?
FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:
- $200,000 on the last day of the year
- Or $300,000 at any point during the year
Married filing jointly:
- $400,000 on the last day of the year
- Or $600,000 at any point during the year
Specified foreign assets include (but are not limited to):
- Any financial account maintained by a foreign financial institution
- Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
- Stock or securities issued by someone other than a US person
- Any interest in a foreign entity
- Any financial instrument or contract that has as an issuer or counter-party that is other than a US person
Specified foreign assets would include your foreign bank accounts, but not assets such as your home.
The fee to file Form 8938 includes reporting of up to 5 accounts. If there are more than 5 accounts to report, there is an additional fee of $50 for each additional 5 account block.
Articles in this section
- If my income is below the US tax filing requirement, do I still need to file FBAR or FATCA?
- What is the FATCA threshold for Americans living overseas?
- What is FATCA (Foreign Account Tax Compliance Act) and how does it affect me as an US expat?
- What kinds of foreign financial accounts do I have to declare on my US expat tax return?