Foreign Accounts and Assets Reporting

FATCA - Foreign Account Tax Compliance Act

If your foreign bank/securities/deposits/assets exceeded $50,000, The Tax Destination ensures compliance with the Foreign Account Tax Compliance Act (FATCA). This federal law mandates that U.S. individuals, even those residing outside the country, report financial accounts held abroad. Our services include filing the FATCA Report using Form 8938 with the IRS, alongside your Income Tax Return before April 15. Enacted to prevent the concealment of assets in offshore accounts, FATCA enhances transparency and aids in recouping federal tax revenues.

FBAR - Foreign Bank Account Report

For U.S. citizens and residents with a financial interest, signature authority, or other control over foreign financial accounts exceeding an aggregate value of $10,000 during the calendar year, filing the Foreign Bank Account Report (FBAR) is mandatory. At The Tax Destination, we guide you through the FBAR filing process, ensuring compliance with this essential requirement.