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FBAR & FATCA Compliance

FBAR (Foreign Bank Account Reporting) & FATCA (Foreign Account Tax Compliance Act) Compliance ensures that U.S. taxpayers accurately report foreign financial accounts and assets to the IRS.

  • FBAR requires U.S. persons to report foreign financial accounts if the aggregate value exceeds $10,000 at any point during the year.

  • FATCA requires reporting of foreign assets and income, applicable to individuals and certain foreign financial institutions, to prevent tax evasion.

Compliance with these regulations is critical to avoid severe penalties, maintain legal standing, and ensure transparency in international financial activities.

Work Process of FBAR & FATCA Compliance

  1. Initial Assessment & Consultation:

    • Determine whether the client is subject to FBAR and/or FATCA reporting.

    • Identify all foreign accounts, investments, and financial assets.

  2. Document Collection:

    • Gather bank statements, investment records, account numbers, and any other documentation related to foreign financial holdings.

  3. Analysis & Verification:

    • Verify the accuracy of financial information and the total value of accounts.

    • Ensure eligibility for any exceptions or special reporting provisions.

  4. Preparation of Reports:

    • Prepare FBAR filings via FinCEN Form 114.

    • Prepare FATCA filings via Form 8938 as part of the U.S. tax return.

  5. Review & Compliance Check:

    • Double-check filings to ensure accuracy and completeness.

    • Verify that all accounts, assets, and income are reported correctly to avoid penalties.

  6. Submission & Confirmation:

    • Electronically submit FBAR and FATCA forms to the IRS.

    • Provide confirmation receipts and copies for client records.

  7. Ongoing Support & Monitoring:

    • Monitor changes in international tax laws and reporting thresholds.

    • Assist clients with corrections, amendments, or inquiries from the IRS.

Special Features of FBAR & FATCA Compliance Services

  • Comprehensive Reporting: Covers all foreign accounts, investments, and financial assets.

  • Penalty Avoidance: Accurate filings help prevent severe IRS penalties for non-compliance.

  • Expert Guidance: Professionals ensure proper classification of accounts and reporting thresholds.

  • Secure Handling: High-level confidentiality and protection of sensitive financial data.

  • Audit Support: Assistance in case of IRS inquiries or audits related to foreign accounts.

  • Timely Filing: Ensure submissions meet strict deadlines to maintain compliance.

  • Regulatory Updates: Stay informed of changes in FBAR/FATCA rules and requirements.

  • Client Education: Educate clients on reporting obligations and best practices for maintaining compliance.