Foreign Account Tax Compliance Act Reporting for US Expats

$100+ USD

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:

Single filing:

  • $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!