FBAR & FATCA Compliance

All Citizens and Resident Aliens of US are required to file a statement regarding “Report of Foreign Bank and Financial Accounts (FBAR) Form TD F 90-22.1 with IRS, required under Bank Secrecy Act regulations issued by the Financial Crimes Enforcement Network, every year if any taxpayer is having a financial interest / signature authority over financial accounts, including bank(s), securities or any other type of financial accounts in a foreign country, the aggregate value of these financial accounts crosses or exceeds $10,000 at any particular time during the calendar year (Jan 1st 2020 to Dec 31st 2020). The due date for filing the FBAR is April 15th 2020.

If Taxpayer(s) has more than $50,000 in foreign country as in form of Bank/Securities/Deposits, then each taxpayer has to report it to IRS.FATCA stands for Foreign Account & Tax Compliance Act, FATCA should be Reported by using Form 8938 with IRS along with Income Tax Return on or before April 15th.

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar