For U.S. expats, managing reporting obligations can be particularly challenging, especially when it involves foreign financial accounts and assets.
FBAR filing for expats
The Foreign Bank and Financial Accounts Report (FBAR) filing, or FinCEN Form 114, is a crucial requirement. You must file this form if the combined balances of your foreign accounts exceed $10,000 in value at any point during the year. This applies to all U.S. citizens, resident aliens, and certain nonresident aliens, including entities such as companies with foreign accounts.
FATCA Form 8938 filing for expats
Furthermore, Americans with foreign financial assets with a combined value that exceeds $200,000 at the end of a year or $300,000 at any time during a year must report them on IRS Form 8938 (Statement of Specified Foreign Financial Assets). This reporting was introduced as part of the 2010 FATCA (Foreign Account Tax Compliance Act) law, which also compels foreign banks and other financial institutions to report their U.S. account holders to the U.S. Treasure, allowing them to verify expats’ reporting.
While there is some overlap between that and the foreign financial accounts to report on the FBAR (Report of Foreign Bank and Financial Accounts or FinCen Form 114), Form 8398 is more extensive, and many expats have to file both. Failure to file either can result in significant penalties.
FBAR and FATCA reporting filing deadlines
FATCA Form 8938 should be filed with your federal tax return. FBAR (FinCEN Form 114) must be filed by October 15th, although most expats file it at the same time as their federal tax return.
At Tax Samaritan, we can help
The team at Tax Samaritan have extensive experience helping expats with their U.S. tax filing and foreign asset and account reporting. We would normally recommend that asset and account reporting is done at the same time as tax filing. If you are behind with your U.S. tax filing and foreign account/asset reporting from abroad, we can also help you get compliant by accessing IRS amnesty programs.
What to expect from our expat tax solutions
Year-round
support
We pride ourselves on the business and personal relationships we have developed with our clients over the years. We provide you with effective year-round responsive support and the assurance of meeting all tax compliance responsibilities in an accurate and timely manner.
A client-centric approach
Our approach to providing tax services focuses on protecting our client’s financial interests. We recognize that you work hard for your money and should keep as much of it as possible. Our approach to tax preparation is not simply to enter your data into tax software programs, it’s to file in the most beneficial way possible based on your specific circumstances.
Tax-saving opportunities
As an overseas resident, there are many opportunities for tax savings but also risks. Tax Samaritan has the experience and knowledge to guide you through the complex expat tax preparation process. This includes identifying and employing opportunities to maximize your tax savings.
What Our Expat Clients Are Saying
Tax Samaritan did a great job for my most recent tax year, efficient and on time. I have used two other companies online before but Randall’s personal touch and advise outshines all others. You won’t be disappointed if you engage with Tax Samaritan!
— David W
JALPAIGURI, INDIA
Tax Samaritan is excellent to work with. They worked through some complicated issues and have been professional all the way. I highly recommend them to anyone, especially expats. They understand how complicated it can be.
— Paul K
COLORADO, USA
Talk To An Expert
Ready to start saving money on your taxes? Please click the button below to talk to one of our expat tax experts. We are also available to discuss any other tax or planning concerns you may have.
