At RedeemTax, we specialize in ensuring compliance with FBAR (Foreign Bank and Financial Account Report) and FATCA (Foreign Account Tax Compliance Act) regulations. Our expert team helps U.S. citizens and resident aliens meet their reporting obligations to the IRS, providing peace of mind in the complex world of international tax compliance.

FBAR Compliance

The FBAR, or Form TD F 90-22.1, is required to be filed annually with the IRS by U.S. citizens and resident aliens who have financial interests or signature authority over foreign accounts exceeding $10,000 at any time during the calendar year. Failure to file FBAR can result in significant penalties, so it is crucial to ensure proper and timely filing.

• FBAR Deadline: The filing deadline for FBAR is April 15th each year.
• Reporting Requirement: U.S. citizens and residents must disclose any foreign financial accounts where they have a financial interest or signature authority, including bank accounts, investment accounts, and other financial instruments.

FATCA Compliance

FATCA, enacted in 2010, mandates that U.S. taxpayers report foreign financial assets held outside the U.S. on Form 8938. This reporting requirement is part of a global initiative aimed at preventing offshore tax evasion and promoting transparency in international financial transactions.

• FATCA Deadline: Form 8938 is filed along with your income tax return, typically due by April 15th.
• Reporting Requirements: FATCA applies to U.S. taxpayers with foreign assets, including bank accounts, securities, and interests in foreign companies or partnerships.

Why Compliance Matters

• Avoid Penalties: Non-compliance with FBAR and FATCA can lead to substantial fines and penalties.
• Prevent Tax Evasion: These regulations are part of the U.S. government’s efforts to prevent offshore tax evasion and promote transparency.

RedeemTax FBAR and FATCA Services

At RedeemTax, we guide you through the complexities of FBAR and FATCA filings. Our professionals ensure:

• Timely and Accurate Filing: We ensure your FBAR and FATCA forms are filed on time and without errors, avoiding penalties.
• Expert Guidance: We assist you in understanding which assets must be reported and how to accurately disclose them.
• Compliance Assurance: We ensure that all necessary forms are completed and submitted to the IRS, providing you with full compliance.

If you have foreign accounts or assets that require reporting, trust RedeemTax to handle your FBAR and FATCA filings with precision and professionalism. Contact us today to ensure your tax filings meet all IRS requirements.