FBAR and FATCA

FBAR

FBAR (Report of Foreign Bank and Financial Accounts)

A U.S. person (defined as a U.S. citizen, U.S. resident, an entity created or organized in the US, or a trust or estate formed under the laws of the U.S.) that has a financial interest in (meaning he/she owns) or signature authority over (does NOT own but can sign for) foreign financial accounts must file an FBAR form if the aggregate value of all the foreign financial accounts exceeds $10,000 at any time during the calendar year.

The form must be electronically filed by Mid-October of the following year.  The form is based on the Bank Secrecy Act, which is not a part of the Internal Revenue Code.  The late filing of the form may result in civil and criminal penalties.

If the FBAR filing requirement applies to you, download the FBAR WORKSHEET from our website to gather the details of your accounts. Upload the completed worksheet to us via your Intuit Link account.

FATCA

FATCA (Foreign Account Tax Compliance Act)

Statement of Specified Foreign Financial Assets is required to be filed with an individual’s tax return if the taxpayer meets the reporting threshold. Filing threshold is met for a taxpayer according to status and residency as follows:

  • Filing threshold is met for unmarried filer and living in the United States if the total value of the specified foreign assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

 

  • Filing threshold is met for married filers filing separate returns and living in the United States if the total value of the specified foreign assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

 

  • Filing threshold is met for unmarried filer and living outside the United States if the total value of the specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.

 

  • Filing threshold is met for married filers filing a joint return and living outside the United States if the total value of the specified foreign assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.

 

  • Filing threshold is met for married filers filing separate returns and living outside the United States if the total value of the specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.

 

Please note that the Statement of Specified Foreign Financial Assets does not replace the FBAR form. Therefore, there is an overlap between information to be filed with this form and the FBAR form. If this applies to you, download the FBAR WORKSHEET to gather the details of your accounts. Upload the completed worksheet via your Intuit Link account.