{"id":6255,"date":"2021-08-04T17:30:51","date_gmt":"2021-08-04T17:30:51","guid":{"rendered":"https:\/\/www.expattaxcpas.com\/new\/?page_id=6255"},"modified":"2021-10-11T07:06:52","modified_gmt":"2021-10-11T07:06:52","slug":"foreign-account-tax-reporting","status":"publish","type":"page","link":"https:\/\/www.expattaxcpas.com\/new\/foreign-account-tax-reporting\/","title":{"rendered":"FATCA"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6255\" class=\"elementor elementor-6255\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b256c82 elementor-section-content-middle elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"b256c82\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bf8bad0\" data-id=\"bf8bad0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-84ab951 elementor-section-height-min-height elementor-section-content-middle elementor-section-boxed elementor-section-height-default\" data-id=\"84ab951\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d9a5c9c\" data-id=\"d9a5c9c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-68c3486 animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"68c3486\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FATCA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cf8679 elementor-widget__width-initial elementor-invisible elementor-widget elementor-widget-icon-box\" data-id=\"7cf8679\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tDon\u2019t confuse FBAR and FATCA. You may need to file both. Expattax CPA\u2019s will analyze your data to determine your FATCA filing obligations and making sure you are compliant.  \t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-03eaa3f elementor-hidden-mobile elementor-hidden-tablet\" data-id=\"03eaa3f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-59fc42c elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-image\" data-id=\"59fc42c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" width=\"200\" height=\"200\" src=\"https:\/\/www.expattaxcpas.com\/new\/wp-content\/uploads\/2021\/06\/income-taxt-resturns-icons-1.svg\" class=\"attachment-full size-full wp-image-4148\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8eb8dc elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-html\" data-id=\"b8eb8dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    .container{\r\ndisplay: flex;align-items: center;justify-content: center;flex-direction: column; width: 100%; text-align: center; margin: 0% 0;align-items: center;\r\n  \r\n}\r\n\r\n.elipse-i-1{\r\n\t\r\nwidth: 650px;\r\nheight: 650px;\r\nbackground: #FFFFFF;\r\nopacity: 0.05;\r\nbox-shadow: 0px 4px 25px rgba(0, 0, 0, 0.07);\r\n  border-radius:50%;\r\n  \tanimation: pw-elipse 3s infinite linear;\r\n\r\n}\r\n\r\n\r\n@keyframes pw-elipse {\r\n\t0% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n  \r\n\t70% {\r\n\t\ttransform: scale(1);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n\t\r\n\t100% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n}\r\n\r\n<\/style>\r\n\r\n<div class=\"container\">\r\n<div class=\"elipse-i-1\"><\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b89a17 elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-html\" data-id=\"5b89a17\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    .container{\r\ndisplay: flex;align-items: center;justify-content: center;flex-direction: column; width: 100%; text-align: center; margin: 0% 0;align-items: center;\r\n  \r\n}\r\n\r\n.elipse-i-2{\r\n\t\r\nwidth: 500px;\r\nheight: 500px;\r\nbackground: #FFFFFF;\r\nopacity: 0.05;\r\nbox-shadow: 0px 4px 25px rgba(0, 0, 0, 0.07);\r\n  border-radius:50%;\r\n  \tanimation: pw-elipse 3s infinite linear;\r\n\r\n}\r\n\r\n\r\n@keyframes pw-elipse {\r\n\t0% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n  \r\n\t70% {\r\n\t\ttransform: scale(1);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n\t\r\n\t100% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n}\r\n\r\n<\/style>\r\n\r\n<div class=\"container\">\r\n<div class=\"elipse-i-2\"><\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04b1f3c elementor-widget__width-initial elementor-absolute elementor-widget elementor-widget-html\" data-id=\"04b1f3c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n    .container{\r\ndisplay: flex;align-items: center;justify-content: center;flex-direction: column; width: 100%; text-align: center; margin: 0% 0;align-items: center;\r\n  \r\n}\r\n\r\n.elipse-i-3{\r\n\t\r\nwidth: 350px;\r\nheight: 350px;\r\nbackground: #FFFFFF;\r\nopacity: 0.05;\r\nbox-shadow: 0px 4px 25px rgba(0, 0, 0, 0.07);\r\n  border-radius:50%;\r\n  \tanimation: pw-elipse 3s infinite linear;\r\n\r\n}\r\n\r\n\r\n@keyframes pw-elipse {\r\n\t0% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n  \r\n\t70% {\r\n\t\ttransform: scale(1);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n\t\r\n\t100% {\r\n\t\ttransform: scale(0.95);\r\nbox-shadow: 0 0 0 10px rgba(142, 68, 173, 0);\r\n\t}\r\n}\r\n\r\n<\/style>\r\n\r\n<div class=\"container\">\r\n<div class=\"elipse-i-3\"><\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-3fa6ad6 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fa6ad6\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-7e62380\" data-id=\"7e62380\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b352b7e elementor-widget__width-initial elementor-widget-tablet__width-inherit elementor-widget elementor-widget-heading\" data-id=\"b352b7e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Jump to the topic you are looking for<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4527191 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"4527191\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#WhatisFATCA?\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">What is FATCA?<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45f2f36 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"45f2f36\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#form8938\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">form 8938<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9e1e1b elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"d9e1e1b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#ReportableAssets\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Reportable Assets<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27d0777 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"27d0777\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#filingthreshold\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Filing Threshold<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08fd370 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"08fd370\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#UnfulfilledFilingObligation\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Unfulfilled Filing Obligation<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6135658 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"6135658\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#AnyExemtions\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Any Exemptions?<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca106b3 elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"ca106b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#OurFees\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Our Fees<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-97ab318 elementor-section-content-top elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"97ab318\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5190810\" data-id=\"5190810\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8b1e444 elementor-widget elementor-widget-button\" data-id=\"8b1e444\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.expattaxcpas.com\/new\/services#ServicesBlock\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"18\" height=\"18\" viewBox=\"0 0 18 18\" fill=\"none\"><path d=\"M7.37782 3.44032C7.6524 3.16573 8.0976 3.16573 8.37218 3.44032C8.64677 3.7149 8.64677 4.1601 8.37218 4.43468L4.50999 8.29688H15.1875C15.5758 8.29688 15.8906 8.61167 15.8906 9C15.8906 9.38833 15.5758 9.70312 15.1875 9.70312H4.50999L8.37218 13.5653C8.64677 13.8399 8.64677 14.2851 8.37218 14.5597C8.0976 14.8343 7.6524 14.8343 7.37782 14.5597L2.31532 9.49718C2.04073 9.2226 2.04073 8.7774 2.31532 8.50282L7.37782 3.44032Z\" fill=\"#5C5C5C\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Back<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-fffa827\" data-id=\"fffa827\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c660aa elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"9c660aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>FATCA is something that is much discussed yet many Expats are left wondering whether this is something that affects them. Let us explore what this Act is, who is affected by it and how to go about fulfilling this obligation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e896740 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"e896740\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"WhatisFATCA?\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is FATCA?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddb3df9 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"ddb3df9\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>FATCA stands for Foreign Account Tax Compliance Act, which is a law that obligates foreign financial and some non-financial institutions to report any accounts held by US citizens to the US. This is why many banks will require a US citizen to sign a Form W-9 which authorizes the institution to relay their account information to the US.<\/p><p>This law also affects the individual and requires US citizens to report their financial assets held abroad. This is done by filing a form 8938. In order to have this filing obligation one\u2019s assets need to meet the required threshold.\u00a0<\/p><p>This form should not be confused with an FBAR, although one may be reporting the same information in both. In reality, these two forms are governed by different rules and guidelines and are filed with two different divisions within the IRS. Therefore, the filing of one form does not exempt a person from filing the other.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ddaa86 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"5ddaa86\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"form8938\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who is required to file a form 8938?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-edb3370 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"edb3370\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>US citizen or resident alien of the US for any portion of the tax year, as well as a\u00a0<a href=\"https:\/\/www.expattaxcpas.com\/new\/non-resident-alien-tax-returns\/\" target=\"_blank\" rel=\"noopener\">non- resident alien<\/a>\u00a0who chooses to be regarded as a resident alien in order to file a joint income tax return, or a bona fide resident of Puerto Rico or American Samoa has to file a form 8938 if their assets are reportable and meet the threshold.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e973201 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"e973201\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"ReportableAssets\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Which assets are reportable?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2276cf4 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"2276cf4\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-level=\"1\">All financial accounts maintained by foreign financial institutions such as deposit, custodial, stocks and securities, unless specifically excluded.<\/li><li aria-level=\"1\">Foreign financial assets held for investment:<ul><li aria-level=\"2\">Interest in a foreign entity<\/li><li aria-level=\"2\">Securities or stocks issued by a non-US person<\/li><li aria-level=\"2\">Financial contracts or instruments in which the issuer or counterparty is a non-US person<\/li><\/ul><\/li><li aria-level=\"1\">Foreign mutual funds, hedge funds and private equity funds<\/li><li aria-level=\"1\">Foreign financial accounts and foreign assets held for investment which are held by any grantor trust in which you are the grantor<\/li><li aria-level=\"1\">Foreign life insurance or annuity contract with a cash value<\/li><\/ul><p>The following are all non-reportable assets:<\/p><ul><li aria-level=\"1\">Financial accounts maintained by a US payer<\/li><li aria-level=\"1\">Financial accounts maintained by a US branch of a foreign financial institution<\/li><li aria-level=\"1\">Financial accounts maintained by an overseas branch of a US financial institution<\/li><\/ul><ul><li aria-level=\"1\">Foreign financial accounts or assets over which you hold only signature authority (unless any activity from the accounts or assets are required to be reported on your income tax return)<\/li><li aria-level=\"1\">Indirect interest in foreign financial assets held through an entity<\/li><li aria-level=\"1\">Investments in foreign stocks and securities through a domestic mutual fund<\/li><li aria-level=\"1\">Directly-held foreign real estate, currency, precious metals and personal property<\/li><li aria-level=\"1\">Benefits granted by a foreign government, similar to social security<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c5d4c0 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"5c5d4c0\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"filingthreshold\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the filing threshold?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7688e9 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"d7688e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The filing threshold varies and is dependent on one\u2019s filing status and place of residence.<\/p><p>For a single taxpayer (or one who files as married filing separately) residing in the US, the threshold is $50,000 on December 31st of the tax year, or $75,000 at any point during the year. The thresholds double for those filing joint tax returns. The thresholds quadruple for taxpayers living abroad. So, for example, if you are living overseas and you file a joint tax return, you only need to file Form 8938 if the collective value of your foreign financial assets exceeds $400,000 on December 31 of the tax year or $600,000 at any point during the year.<\/p><p>Assets should be valued based on the highest fair market value of the asset during the tax year. If the exact amount cannot be assessed, an estimate should be reported.<\/p><p>Foreign assets need to be valued in the correct foreign currency and then then converted to US dollars using the year-end exchange rate.<\/p><p>Special guidelines exist for those assets for which the fair market value is indeterminable. Assets which are valued at below 0 do not offset other assets, rather they are reported as 0.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-caaa20a elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"caaa20a\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"UnfulfilledFilingObligation\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What happens if the filing obligation is not fulfilled?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53742d6 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"53742d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>One who has a filing obligation for Form 8938 but fails to file faces a potential penalty of $10,000. If a taxpayer receives a notice from the IRS and still fails to file, they may face a penalty of up to $50,000. In addition, a penalty of 40% will be applied to any tax underpayment that can be attributed to non-reported foreign financial assets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc6636e elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"fc6636e\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"AnyExemtions\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Are there exemptions to filing form 8938?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-960430f elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"960430f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A form 8938 always accompanies a tax return filed. If a taxpayer does not have an obligation to file a tax return, then they will also have no obligation to file a form 8938. This is regardless of whether they meet the filing threshold or not.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a85a03e elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"a85a03e\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"OurFees\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInDown&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Our Fees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-00cc9d9 elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"00cc9d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u00a0<\/p><table><tbody><tr><td width=\"301\"><p>Up to 5 accounts\u00a0<\/p><\/td><td width=\"301\"><p>$150<\/p><\/td><\/tr><tr><td width=\"301\"><p>6-10 accounts\u00a0<\/p><\/td><td width=\"301\"><p>$225<\/p><\/td><\/tr><tr><td width=\"301\"><p>11-20 accounts\u00a0<\/p><\/td><td width=\"301\"><p>$335<\/p><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FATCA Don\u2019t confuse FBAR and FATCA. You may need to file both. Expattax CPA\u2019s will analyze your data to determine your FATCA filing obligations and making sure you are compliant. Jump to the topic you are looking for What is FATCA? form 8938 Reportable Assets Filing Threshold Unfulfilled Filing Obligation Any Exemptions? Our Fees Back [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"nf_dc_page":"","inline_featured_image":false,"footnotes":""},"class_list":["post-6255","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages\/6255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/comments?post=6255"}],"version-history":[{"count":5,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages\/6255\/revisions"}],"predecessor-version":[{"id":9184,"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/pages\/6255\/revisions\/9184"}],"wp:attachment":[{"href":"https:\/\/www.expattaxcpas.com\/new\/wp-json\/wp\/v2\/media?parent=6255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}