Foreign Account Tax Compliance Act Reporting for US Expats 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.
Streamlined Filing Package for US Expats Behind on Taxes
USIndiaTax understands that it can be worrying to be behind on your US taxes, but we have particular expertise in helping US expats get caught up using the Streamlined Filing Procedures.
Under the program, the IRS requires the past 3 years of delinquent Federal Tax Returns and the past 6 years of FBARs be filed. As of June 2014, the IRS has waived all late filing and FBAR penalties for those whose lack of filing was non-willful.