Foreign Account and Tax Compliance Act (FATCA)

Some taxpayers will be required to file the Form 8938, Statement of Specified Foreign Financial Assets, with their income tax returns, when the total value of their specified foreign financial assets exceeds certain amounts.  Specified foreign financial assets include foreign financial accounts and foreign financial investment assets not held in a domestic or foreign account. The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file an FBAR (see previous topic).

For more information, please refer to the FATCA website at: