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 counterparty 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.
Greenback always offers:
- Expertise. You work one-on-one with a highly experienced CPA or IRS Enrolled Agent who understands the ins and outs of filing all expat forms, including Form 8938.
- Experience. With clients in 217 countries and territories, our team of accountants has prepared thousands of tax returns and special forms for our clients.
- Security. We use the highest level of data encryption to ensure that your private information is protected at all times.
- Simplified tax prep. We make this easy for you! Provide your accountant with your account details and then it’s up to them to do the heavy lifting!
Get Started Now
Providing unbeatable peace of mind to expats around the world.
Pricing & Billing FAQ
How can I pay for my US expat tax services?
We accept MasterCard, Visa, American Express, Diner’s Club or JCB for payment. In cases where that is absolutely not possible, you can also wire money directly to us, but there is an additional $25 charge for the incoming wire transfer. If you need to pay via wire transfer, email us at [email protected] We do not accept paper checks.
What deadlines do US expats need to know?
Expatriates must be aware of the following deadlines for their US expat tax return.
US filing deadline and the date that tax payments are due, even for expats. *Due to Covid-19, the IRS changed the April 15th deadline to May 17th for 2021
US expats receive an automatic extension until June 15th to file their US taxes; note that taxes are due on April 15th, and interest (but no penalties) will be applied if taxes are not paid by April 15th. Penalties will apply if taxes are not paid by June 15th. The 15th is also the FBAR deadline for US expats; however, there is an automatic extension until the October 15th deadline.
Final deadline for expat tax returns for those who have filed for an extension. This is also the final deadline for filing an FBAR.
Please Note: The US Federal tax return extension is an extension of time to file and not an extension of time to pay any tax due to the IRS. If you owe tax to the US, your interest will start accruing from the first tax deadline – April 15th. Additionally, if you do not request an extension and do not file, a late payment penalty of 5% may be assessed each month until the tax is paid.
Learn more about deadlines and extensions in our blog.
When do I have to pay for my Greenback services?
When we prepare your returns, we want you to be 100% satisfied before you pay anything! As such, there is nothing due up front. Instead, your invoice will be sent after your return has been drafted. This gives you the chance to work with our system, our process, your accountant, and be completely satisfied with all these things before you have to address your invoice. We generate the invoice when the draft return has been uploaded to your secure file, and we ask that you pay the invoice within 5 business days. Once you have approved your draft return and paid the invoice, your final tax return will be uploaded to your secure file. If we are able to e-file your return, we will do so, but if we are unable to e-file, you will need to print, sign, and mail in your tax return.
Who are your accountants?
All of our accountants are US CPAs or IRS Enrolled Agents who have extensive and specific experience with expatriate taxation. You will work only with your assigned Greenback accountant throughout the process (i.e., we don’t pass off your information to other associates to handle the data or tax work – we don’t believe that is secure or results in the best quality work).
You can view our entire team to better understand their backgrounds and experience here.
Who will actually prepare my US expat tax return?
You will be assigned an accountant (either a CPA or an IRS Enrolled Agent) upon registering with Greenback Expat Tax Services, and this accountant will prepare your tax return for you. Your accountant will take the time to get to you know you and your specific situation, answer any questions you have, and be on hand the following year to keep you compliant with your US filing requirements. The work of preparing your tax return is not outsourced!
Why should I choose Greenback over other US expat tax preparation providers?
Although there are many tax preparation firms available, we pride ourselves in offering a service that is a cut above the rest. All of our accountants are US CPAs or IRS Enrolled Agents with extensive and specific experience with expatriate taxation. Your accountant will work with you to prepare your return and answer any questions you have before, during, and after your return has been prepared. We offer a customer portal – the Greenback Tax Companion – that was built 100% by customer feedback. We do our best to make the US expat tax filing process as simple as possible for you, starting with not making you do all of the calculations or fill out endless forms. Finally, we believe in honest, transparent, flat-fee pricing. All our prices are listed openly for you to review and understand before you engage with us.
But don’t take our word for it! We invite you to read what our current customers have to say about why they love working with us!