FATCA (Foreign Account Tax Compliance Act)

US individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold. Please note that this reporting requirement is in addition to FBAR reporting. You may be wondering how IRA comes to know about your foreign financial accounts and assets. IRS has entered into International Data Exchange Agreement with the foreign financial institutions. Under this agreement, the foreign financial institutions must provide details of financial accounts maintained by US persons to the IRS.

Our tax experts can analyze your situation if you are required to file Form 8938 with IRS. If required, we can help you preparing this form.