FATCA – Filing Form 8938 with your 1040

FATCA – short for the Foreign Account Tax Compliance Act – is a US law aimed at tackling offshore tax evasion. The law affects all US taxpayers, not just those living overseas. To comply with FATCA, all taxpayers holding accounts with foreign financial institutions...

E-FILING OF FBAR IS NOW MANDATORY

The Financial Crimes Enforcement Network (FinCEN) has issued its Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012. The mandated reports filed by financial institutions include: ◾Suspicious Activity Reports (SARs)...

FBAR and FATCA for US citizens

The United States taxes its citizens and its resident aliens on their worldwide income. U.S. taxpayers are required to report their foreign income on their U.S. income tax return. They must also file and answer a series of questions on Schedule B to their U.S. income...