FBAR & FATCA

The vast majority of migrants lack the tax knowledge to report their foreign financial information to FBAR & FATCA, resulting them in paying penalties double the assets value and sometimes facing criminal charges as well. FBAR stands for Foreign Bank and Financial Account Report, and FATCA for Foreign Account Tax Compliance Act.

Anyone having a financial interest in or authority over a foreign financial account has to file an FBAR if the value of the foreign accounts exceeds $10,000 at any time during the calendar year, and while.,

FATCA requires certain US taxpayers who hold foreign financial assets worth more than the reporting threshold ($50,000) to report information about those assets on Form 8938, which must be attached to their tax return each year. 

Our Apex team can assist you in reporting FBAR to FinCEN and also in understanding & laying out the FATCA requirements. You can rely on us to handle these reporting requirements if necessary, in addition to filing your tax returns.