If you have significant amounts in foreign bank accounts, you need to be aware of FBAR and FATCA reporting requirements. Failing to report can result in heavy penalties. With our expertise, you can ensure compliance and avoid unnecessary legal complications.
At TaxFilers Way, we understand the complexity of international financial obligations and the severe implications of not meeting them. Navigate the often-confusing waters of foreign account reporting with our expert guidance.
What You Need to Know
FBAR (Foreign Bank Account Reporting) Requirements
• If the cumulative balance in your foreign bank accounts exceeds $10,000 at any point during the year, you are required to file an FBAR.
FATCA (Foreign Account Tax Compliance Act) Obligations
• If your foreign account balances range between $50,000 to $100,000 or more, depending on specific criteria, you are obligated to report under FATCA.
• Crucially, FATCA forms must be filed along with your 1040 tax return.
Risks of Non-Compliance
Neglecting to report, or inaccurately reporting under FBAR or FATCA, can lead to:
• Severe Civil Legal Cases: These can be both time-consuming and damaging to your financial reputation.
• Heavy Penalties: Fines can range from $12,921 to $129,210 or even 50% of the account balance, whichever is greater. This can put a significant dent in your finances.
Don’t risk non-compliance and hefty penalties. Let TaxFilers Way guide you through your FBAR and FATCA requirements efficiently and effectively.