Couverture de Ep 61: What Is English For "FATCA & FBAR Reporting"?

Ep 61: What Is English For "FATCA & FBAR Reporting"?

Ep 61: What Is English For "FATCA & FBAR Reporting"?

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 We discuss the complexities surrounding FBAR and FATCA, two acronyms that often cause confusion and concern for foreign-born individuals.We explain the importance of compliance with these regulations, the filing requirements for U.S. citizens and U.S. tax residents (includes foreign nationals on work visas), and the potential penalties for non-compliance.And yes, the IRS knows about your overseas assets. We also cover the amnesty programs available for those who have missed reporting their foreign accounts.Takeaways FBAR and FATCA are crucial for foreign-born individuals.Filing the FBAR form is mandatory if accounts exceed $10K.FATCA requires reporting of foreign accounts to the IRS.Banks report account information to the IRS under FATCA.Non-compliance can lead to significant penalties.Amnesty programs exist for those who missed filings.IRS is aware of foreign accounts through intergovernmental agreements.Rectifying non-compliance is possible and essential (But don't DIY)Chapters 00:00 Understanding FBAR and FATCA03:16 The Importance of Compliance07:57 Filing Requirements for U.S. Citizens Abroad12:25 Amnesty Programs and Penalties14:56 Rectifying Non-ComplianceEpisode Links and ResourcesEp 45: What Is English For "Streamlined Filing Procedures"?Ep 34: What Is English For "FBAR"?Top 5 Things To Know About FBAR FilingIRS FATCA Thresholds-----------------------------------------------------------------------------The IM Café Finance / Tax Roastery (Store) Is LiveGrab "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.If you'd like to work with us on your finances or taxes, check out the process ---------------------------------------------------------------------------------Be sure to join the conversation by visiting our page: The International Money CafeOr by following us on social media:- LinkedIn; Instagram; Twitter (X); Facebook.------------------------------------------------------------------------------------The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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