The FBAR (Report of Foreign Bank and Financial Accounts) is a separate form that the Internal Revenue Service requires expats and those with certain foreign bank accounts to file at the same time as, but not with, their regular tax returns. “FATCA” is an acronym for the 2010 Foreign Account Tax Compliance Act.

What needs to be included on FBAR?

In order to complete the FBAR form you will need the following information: Your name, Social Security Number or ITIN, and address. The name, address, and social security number (if any) of all joint owners of the account. Your foreign banks’ names and addresses.

Do you file an FBAR, FATCA, or both?

Do you file an FBAR, FATCA Form 8938, or both? A common question U.S. expats ask us is if they need to file an FBAR or Form 8938. The answer is: You could have to file one, none, or both. While they both exist to report financial assets to the government, they differ in a number of ways.

When do you have to file the FBAR form?

When the person is considered a U.S. person(more than just individuals) and they meet the threshold requirement for filing the FBAR, then they still have to file the form — even if they do not have to actually file a tax return that year. When is the FBAR Due?

Do you have to file FBAR if you are an expat?

Your FBAR is only an informational document. No additional tax will be added. However, penalties can be levied if you don’t file or file late. It’s important to work with an expat tax advisor who understands your obligations. Not sure if you should file FBAR vs. FATCA Form 8938?

What do you need to know about FATCA?

FATCA filing requirements The Foreign Account Tax Compliance Act (FATCA) is a part of the government’s efforts to combat offshore tax evasion. American expats of all income levels with foreign accounts and assets should know about it. FATCA requirements impact U.S taxpayers and overseas financial institutions: