U.S. taxpayers with foreign financial accounts and assets face strict reporting requirements under two separate federal laws: FBAR (the Bank Secrecy Act) and FATCA (the Foreign Account Tax Compliance Act). Non-compliance — even unintentional — can result in penalties of tens of thousands of dollars per violation.
Atlantax Group LLC provides comprehensive FBAR and FATCA compliance services for U.S. citizens, permanent residents, and visa holders with foreign financial interests. Whether you have bank accounts in France, Israel, Canada, the UK, the UAE, or anywhere else in the world, we will ensure you meet all reporting deadlines and requirements.
FBAR (FinCEN Form 114):
The FBAR must be filed annually by any U.S. person with a financial interest in or signature authority over foreign bank accounts or financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year. The FBAR is filed separately from your tax return with the Financial Crimes Enforcement Network (FinCEN).
FATCA (Form 8938):
FATCA requires U.S. taxpayers to report specified foreign financial assets on Form 8938, filed with their federal tax return. Reporting thresholds vary depending on your filing status and whether you live in the U.S. or abroad.
OUR FBAR & FATCA SERVICES INCLUDE:
Do not wait until it is too late. Contact Atlantax Group at 212-601-2670 for a free consultation and let us bring you into full compliance.