Navigating foreign account reporting requirements doesn't have to be overwhelming. Sai CPA Services specializes in guiding U.S. taxpayers through FATCA and FBAR compliance. Under FATCA, U.S. taxpayers with foreign financial assets over $50,000 must file Form 8938 annually. Additionally, FBAR mandates that U.S. persons with foreign accounts exceeding $10,000 file FinCEN Form 114.
Both forms are due April 15, with automatic extensions to October 15. Non-compliance penalties are substantial, ranging from $10,000 to $50,000 for FATCA violations and up to $100,000 or 50% of account balance for FBAR violations.
Trust our expert team at Sai CPA Services to ensure your international tax compliance. Contact us: (908...
Navigating foreign account reporting requirements doesn't have to be overwhelming. Sai CPA Services specializes in guiding U.S. taxpayers through FATCA and FBAR compliance. Under FATCA, U.S. taxpayers with foreign financial assets over $50,000 must file Form 8938 annually. Additionally, FBAR mandates that U.S. persons with foreign accounts exceeding $10,000 file FinCEN Form 114.
Both forms are due April 15, with automatic extensions to October 15. Non-compliance penalties are substantial, ranging from $10,000 to $50,000 for FATCA violations and up to $100,000 or 50% of account balance for FBAR violations.
Trust our expert team at Sai CPA Services to ensure your international tax compliance. Contact us: (908) 888-8900 or visit www.saicpaservices.com.
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