FATCA Compliance & Form 8938
The Foreign Account Tax Compliance Act (FATCA) requires Americans with significant foreign financial assets to report them on Form 8938. I ensure your assets are properly disclosed and your filing is complete.
Get FATCA HelpWhat is FATCA?
FATCA (Foreign Account Tax Compliance Act) was enacted in 2010 to combat offshore tax evasion. It requires both U.S. taxpayers to report foreign assets and foreign financial institutions to report accounts held by U.S. persons.
For individual taxpayers, FATCA means filing Form 8938 (Statement of Specified Foreign Financial Assets) with your tax return if your foreign assets exceed certain thresholds.
Do You Need to File Form 8938?
Living Abroad
Higher thresholds apply if you qualify as living abroad
Living in the U.S.
Lower thresholds for U.S. residents
What Assets Are Reported?
Financial Accounts
- Foreign bank accounts (checking, savings)
- Foreign securities accounts
- Foreign brokerage accounts
- Foreign mutual funds
Other Foreign Assets
- Stock in foreign corporations (not traded on U.S. exchange)
- Partnership interests in foreign partnerships
- Foreign hedge funds or private equity funds
- Foreign pension plans (in some cases)
- Foreign life insurance with cash value
Not Reported on Form 8938:
- Foreign real estate (held directly)
- Foreign currency held for personal use
- Precious metals held directly
- Art or collectibles
- Social Security-type programs
- U.S. payer accounts (even if abroad)
FATCA vs. FBAR: Do I Need Both?
Many expats need to file both Form 8938 (FATCA) and FBAR. They have different thresholds, different filing requirements, and cover overlapping but not identical assets.
| Form 8938 (FATCA) | FBAR | |
|---|---|---|
| Threshold (Expat, Single) | $200,000 / $300,000 | $10,000 |
| Filed With | IRS (with tax return) | FinCEN (separately) |
| Assets Covered | Accounts + other foreign assets | Financial accounts only |
| Penalty | $10,000+ per form | $10,000+ per account |
Bottom line: If you meet the FATCA threshold, you almost certainly meet the FBAR threshold too. I can prepare both together to ensure complete compliance.
My FATCA Compliance Services
Threshold Analysis
Determine whether you meet the reporting thresholds based on your assets and residency status.
Asset Valuation
Help determine fair market values for assets that may be difficult to value, including foreign pensions and business interests.
Form 8938 Preparation
Complete preparation of Form 8938 with detailed asset reporting, filed with your tax return.
FBAR Coordination
Ensure consistency between Form 8938 and FBAR filings, as overlapping accounts must match.
Catch-Up Filing
If you've missed Form 8938 in prior years, I can help through Streamlined procedures or amended returns.
Ongoing Compliance
Annual preparation and filing to keep you compliant year after year.
Related Resources
Unsure If You Need to File?
FATCA thresholds and requirements can be confusing. Let's review your situation together and determine exactly what you need to file.
Schedule a Free Consultation