FBAR & FATCA Compliance for US Expats

US citizens living abroad must comply with FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act) requirements. Understanding these obligations is critical to avoiding significant penalties. What is FBAR? The FBAR is a report of foreign financial accounts filed annually with FinCEN. You must file if you have financial interest in or signature authority over foreign financial accounts, and the aggregate value of all accounts exceeds $10,000 at any time during the calendar year. FATCA Requirements FATCA requires US taxpayers to report specified foreign financial assets on Form 8938 if they exceed certain thresholds: Single filers living abroad: $200,000 on last day of year or $300,000 at any time Married filing jointly abroad: $400,000 on last day or $600,000 at any time Penalties for Non-Compliance Failing to file FBAR or FATCA forms can result in severe penalties: FBAR penalties can reach $10,000 per violation for non-willful violations Willful violations can result in penalties up to 50% of account balances FATCA penalties start at $10,000 and can increase to $50,000 for continued failure How TaxYork Can Help TaxYork provides comprehensive FBAR and FATCA compliance services including account analysis, accurate form preparation, compliance strategy, and penalty mitigation support. Don't risk costly penalties — contact us for expert support.